Circle Reports $694 Million Q1 Revenue, Launches AI Agent Stack as USDC Reaches $77 Billion
Updated
Updated · MarketWatch · May 11
Circle Reports $694 Million Q1 Revenue, Launches AI Agent Stack as USDC Reaches $77 Billion
2 articles · Updated · MarketWatch · May 11
$694.1 million in first-quarter revenue marked a 20% rise for Circle, driven by higher reserve income as USDC circulation expanded to $77 billion.
USDC in circulation grew 28% by quarter-end, lifting income from the reserves backing the stablecoin even as revenue missed Wall Street's $714.7 million estimate.
Net income fell to $55.3 million, or 21 cents a share, from $64.8 million a year earlier, though earnings per share topped the 19-cent analyst forecast.
Circle also unveiled Circle Agent Stack, a product suite built to let AI agents transact in USDC through gas-free transfers, autonomous wallets and developer tools.
CEO Jeremy Allaire cast the launch as a bet that AI agents will become direct financial users, extending Circle beyond enterprise and developer customers.
US law now bans stablecoin yields. Can Circle's costly pivot to new technologies prevent it from seeing 'red ink'?
Will Circle's compliance with US law make it the victor, or will Tether dominate less-regulated global markets?
The SVB crisis revealed stablecoin risk. Can Circle's new bank-focused blockchain prevent the next systemic financial shock?