Jeremy Allaire, CEO of Circle (Jabin Botsford/Getty Images)

Squaring the Circle

Circle jumps after beating on revenue in its first earnings report

Circle reported earnings for the first time since its IPO before the bell.

8/12/25 7:45AM

Circle, which had a mammoth IPO in June, released its first earnings report as a public company, beating analysts’ revenue estimates but missing on earnings-per-share estimates.

The stock jumped over 6% in premarket trading.

The stablecoin giant’s revenue for the quarter was $658 million, a 53% increase from $430 million a year ago and above analysts’ expectations of $646 million, according to FactSet. Meanwhile, adjusted earnings per share stood at a loss of $4.48, well above analysts’ predictions of a loss of $0.97.

Circle issues USDC, a stablecoin pegged to the US dollar that has a $65 billion market cap and is the second-largest stablecoin. Its circulation “grew 90% year-over-year to $61.3 billion at quarter end, and has grown an additional 6.4% to $65.2 billion as of August 10, 2025,” per the earnings report.

Management offered guidance that USDC in circulation would grow at a compounded annual growth rate of 40% over a “multi-year through cycle.”

“Circle’s successful IPO in June marked a pivotal moment — not just for our company, but for the broader adoption of stablecoins and the growth of the new internet financial system,” Jeremy Allaire, Circle’s CEO, cofounder, and chairman, said in the release.

The company’s stock skyrocketed after the Senate passed the GENIUS Act on July 17, which aims to provide a regulatory framework for stablecoins.

“Regulatory clarity bodes well for stablecoins, and we’re seeing that impact in Circle’s earnings report. This certainty legitimizes stablecoins as serious financial instruments. By establishing clear rules, the GENIUS Act paves the way for a wider adoption in traditional finance,” Rebecca Liao, cofounder and CEO of Saga, told Sherwood News.

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Solana drops to price not seen since February as Drift exploit rattles sentiment

Solana has historically seen its largest price declines on Thursdays, and today is no exemption as the crypto industry reels from the over $270 million exploit that occurred yesterday on Drift, a trading venue native to the solana blockchain.

The price of solana has decreased 5.5% to around $78, a level not seen since February, data from CoinGecko shows.

Drift was one of the largest protocols on the solana network by total value locked, which now sits at nearly $245 million. The total value locked on solana has shrunk by nearly $1 billion since the incident, per DefiLlama.

Exploit likely involved from social engineering

The attack, which has turned into a wider contagion event, is unsettling for those in the industry. It did not come from a bug in the protocol’s smart contracts or programs. “Humans remain the bottleneck,” Mert Mumtaz, cofounder and CEO of solana development firm Helius, said in response to the incident.

The exploit involved unauthorized transaction approvals likely facilitated through social engineering. The sophisticated operation “appears to have involved multi-week preparation and staged execution,” the team said on Thursday.

Omer Goldberg, founder of risk management firm Chaos Labs, added, “The DeFi [decentralized finance] ecosystem continues to grow in scale, but not in operational security.”

“Protocols now have custody of hundreds of millions in user funds while depending on admin key setups that would be considered unacceptable in TradFi for a fraction of that AUM [assets under management],” Goldberg wrote on X.

“Most hacks come down to the simple act of one clicking a link they shouldn’t have clicked. These are picking up in pace, be extra cautious clicking any link or file,” continued Helius’ Mumtaz.

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$270M

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April 1 is known as a day for funny pranks. However, a popular trading venue on the solana blockchain, Drift, is suffering from an ongoing exploit today, on-chain data shows.

“Drift Protocol is experiencing an active attack. Deposits and withdrawals have been suspended. We are coordinating with multiple security firms, bridges, and exchanges to contain the incident. This is not an April Fools joke,” the team said on social media at 2:58 p.m. ET.

TheBlock reported the exploit is at least $200 million, while blockchain sleuth Lookonchain estimates the figure is $270 million. It could be even more. At this range, the Wednesday hack is among the largest ever, according to the exploits ranking dashboard from Rekt.

Drift’s exploit is concerning for those within the crypto industry. Solana treasury firm DeFi Development Corp. allocates a portion of its balance to on-chain strategies to generate yield, including Drift, though the firm announced it had no exposure to the protocol and “was not impacted by an alleged exploit affecting the platform,” per its press release.

Drift also provides to qualified users sACRED, a derivative token of a tokenized feeder fund that is linked to Apollo Global Management Inc.’s traditional Diversified Credit Fund.

Circle jumps after beating on revenue in its first earnings report

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Solana drops to price not seen since February as Drift exploit rattles sentiment

Exploit likely involved from social engineering

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