Circle Internet Group returned to profit in the second quarter, driven by steady growth in its USDC stablecoin despite a prolonged crypto bear market.
The company on Wednesday reported net income of $48 million for the three months ended June 30, up from a net loss of $482 million in the same period last year. Quarterly revenue gained 7% to $701 million from $658 million in the year-ago period.
Circle's flagship USDC stablecoin ended the quarter with $73.3 billion in circulation, up 19% year-over-year.
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