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Circle Shares Jump as Earnings Beat Offsets Revenue Miss, Arc Blockchain Gains Wall Street Backing
- On Wednesday, Circle revealed the initial group of partners for its new blockchain network, Arc, scheduled to launch publicly on Sept. 16, including BlackRock, Visa, Mastercard, and Intercontinental Exchange.
- Circle designed Arc as a distributed network to act as an operating system for the internet, aiming to remove complexity and barriers that have slowed wider adoption of tokenized investment products.
- CEO Jeremy Allaire noted that institutions using USDC "aren't piloting, they are expanding," as the company reported adjusted EBITDA climbed 8% to $143 million this quarter.
- BlackRock plans to deploy its BUIDL tokenized U.S. Treasury fund on Arc, while the Depository Trust and Clearing Corporation develops infrastructure to tokenize securities held at its depository.
- Initially operated by roughly 10 to 12 major players, Arc will expand to as many as 40 operators over time, with token holders eventually able to stake and vote on governance.
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Circle shares fall nearly 4% as revenue miss overshadows quarterly profit beat
Circle's profits in the second quarter significantly outperformed expectations, attributed to the growing adoption of USDC tokens. The surge in USDC circulation, accompanied by a marked increase in onchain transaction activity, highlighted a positive trend. Despite a dip in the reserve return rate during this period, stronger circulation volumes partially mitigated the effects of reduced yields.
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Coverage Details
Total News Sources35
Leaning Left2Leaning Right1Center5Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 25%
C 63%
12%
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