Circle's quarterly revenue rises as stablecoin circulation accelerates
Circle's quarterly revenue rises as stablecoin circulation accelerates Aug 5 (Reuters) - Circle CRCL.N reported higher second-quarter revenue on Wednesday, helped by increased adoption of its USDC stablecoin as businesses and institutions expanded its use beyond crypto trading.
Demand for stablecoins strengthened during the quarter after renewed Middle East tensions increased market volatility, prompting investors to shift some funds from riskier crypto assets into stablecoins.
Stablecoins are cryptocurrencies designed to maintain a fixed value, usually against the U.S. dollar, with USDC ranking as the world's second-largest dollar-backed stablecoin behind Tether's USDT.
Circle's revenue and reserve income rose 7% to $701.3 million in the quarter ended June 30.
(Reporting by Atharva Singh and Pritam Biswas in Bengaluru; Editing by Devika Syamnath)