Circle Internet went public in June. The stablecoin issuer reported its first financial result today -- a $4.48-per-share loss. Circle's guidance for the rest of the year isn't particularly helpful to investors.

Circle Internet Group has been riding an enormous wave of momentum. That looked set to continue now that the company reported revenue for the second quarter that topped Wall Street’s forecasts.

For the quarter, average circulation of USDC was up 86% over the year ago period, but the company's reserve return rate of roughly 4.1% was down 103 basis points from Q2 2024. The main problem I have with Circle currently is its distribution costs,