Circle Internet Group, the issuer of USD Coin, reported second-quarter revenue of $658 million, a 53% year-over-year increase, in its first earnings release since its $1.2 billion June IPO. The company posted a net loss of $482 million, or $4.48 a share, largely because of $591 million in non-cash charges tied to stock-based compensation and the revaluation of convertible debt. Circle’s shares rose about 6% in early trading on Tuesday. Adjusted EBITDA climbed 52% to $126 million as higher interest income on reserves boosted profitability. USDC circulation reached $61.3 billion at the end of the quarter, up 90% from a year earlier, and has grown to $65.2 billion since then. Management reiterated a multi-year target for USDC supply to expand at a 40% compound annual rate and projected full-year 2025 adjusted operating expenses of $475 million to $490 million. Alongside its results, Circle introduced Arc, an open, Ethereum-compatible Layer-1 blockchain that will use USDC as its native gas token. Aimed at payments, foreign-exchange and capital-markets activity, Arc is designed to offer sub-second settlement, an integrated stablecoin FX engine and opt-in privacy controls. The company plans to launch a public testnet between September and November, with full deployment to follow. Circle said Arc will integrate with its existing services and remain interoperable with the dozens of other blockchains that support USDC, extending its strategy of providing a full-stack platform for regulated stablecoin finance. The announcement comes as the recently enacted GENIUS Act establishes a federal framework for payment stablecoins, a development the company says will help broaden adoption of its products.