Circle reports $14.8T in USDC on-chain volume, up 151% year over year
- —USDC quarterly on-chain volume hit $14.8 trillion, up 151% year over year
- —Daily on-chain volume averaged $163 billion; USDC supply stood at $73.3 billion, up 19%
- —Revenue reached $701.3 million (+7%), net income $48 million, adjusted EBITDA $143 million
- —About 95% of revenue ($667.7 million) came from reserve interest; transaction revenue was just $5.3 million
Why it matters: With nearly all revenue tied to reserve interest, Circle's earnings depend on rates and float size rather than growth in USDC transfer volume.
Source: Crypto Briefing