Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation August 12, 2025
Slide 2: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, Adjusted EBITDA and Adjusted Operating Expenses are non-GAAP financial measures regarding our operational performance. Management and our board of directors
Slide 3: 2025 Key Highlights - Momentum & Growth
2025 Key Highlights - Momentum & Growth Corporate & Network Growth1 Platform Expansion Key Partnerships Regulatory Circle Payments Network $61.3B Initial Public Offering Technology platform to $1.2B upgrade payments with blockchain and stablecoins National Trust Charter +40% YTD Circle Gateway Appli
Slide 4: Stablecoin Market Update
Stablecoin Market Update Q2 2025 EARNINGS PRESENTATION AUGUST 2025 4
Slide 5: Stablecoin market growth but penetration is nascent
Stablecoin market growth but penetration is nascent STABLECOINS IN STABLECOIN TRANSACTION STABLECOINS AS % OF U.S. CIRCULATION ($B)1 VOLUMES ($T)2 M23 50% YoY 75% YoY Source: CoinMarketCap as of June 30, 2025; Visa Onchain Analytics. 1 Stablecoins include USDC, USDT, TUSD, PYUSD, USDP, BUSD, GUSD, U
Slide 6: Stablecoins are network businesses with meaningful network effects
Stablecoins are network businesses with meaningful network effects CIRCLE’S STABLECOIN NETWORK STABLECOINS IN CIRCULATION AS OF Q2’25 ($B) USERS Benefitting from growing USDC utility Continually enhance the platform Build distribution partnerships with at-scale platforms DISTRIBUTORS DEVELOPERS Expa
Slide 7: Regulatory tailwinds as GENIUS becomes law
Regulatory tailwinds as GENIUS becomes law GENIUS Act signed into law by President Trump on July 18 Provides regulatory clarity around compliant stablecoins; we believe this will accelerate adoption by traditional financial institutions, mainstream enterprises and broader use by individuals and hous
Slide 8: Product Update
Product Update Q2 2025 EARNINGS PRESENTATION AUGUST 2025 8
Slide 9: Circle's platform is unmatched and growing
Circle’s platform is unmatched and growing STABLECOINS LIQUIDITY SERVICES3 CIRCLE PAYMENTS NETWORK DEVELOPER SERVICES Regulated digital currency issued on Institutional minting, Stablecoin-powered payment Enterprise-grade smart contracts, blockchains supported by global banks1 redemption, and FX sol
Slide 10: Circle Payments Network Mainnet Launched
Circle Payments Network Mainnet Launched a new era in global money movement focused CPN mainnet launched in May; 4 active payment initially on cross-border payments corridors today - Hong Kong, Brazil, Mexico, Nigeria Partner Update 4 active partners - 100+ are currently in pipeline Payment Volumes
Slide 11: Circle Gateway Instant Access
Circle Gateway Instant Access seamless crosschain USDC Tap into unified USDC balances crosschain in <500ms. No bridging, no prepositioning, no delays Circle Gateway allows users to hold a chain- abstracted USDC balance that can be instantly minted on any supported blockchain (<500ms) Effortless Scal
Slide 12: The home for stablecoin finance
INTRODUCING The home for stablecoin finance Arc is an open Layer-1 blockchain purpose-built to power USDC as native gas the next era of global finance — where programmable Low, predictable, dollar-denominated fees money moves instantly and trust is embedded in code Built-in FX engine Built for payme
Slide 13: Growth & Adoption Update
Growth & Adoption Update Q2 2025 EARNINGS PRESENTATION AUGUST 2025 13
Slide 14: Growth and adoption accelerate across use cases
Growth and adoption accelerate across use cases CORE BANKING & DIGITAL ASSET PAYMENTS & TREASURY CAPITAL MARKETS MARKETS REMITTANCES MANAGEMENT GLOBAL REACH (Japan) Q2 2025 EARNINGS PRESENTATION AUGUST 2025 14
Slide 15: Gaining share in crypto capital markets remains a priority
Gaining share in crypto capital markets remains a priority; Binance partnership driving growth BINANCE STABLECOIN ASSETS HELD IN CUSTODY FOR USDC SHARE OF SPOT TRADING VOLUMES1 CUSTOMERS ($B)2 USDC Other $39 $40 $33 $28 $28 1 The Block Research as of June 30, 2025. Figures represent the simple avera
Slide 16: Advantages of the Circle Stablecoin Network
Advantages of the Circle Stablecoin Network Platform Liquidity Distribution Neutrality Regulated A feature-rich open Robust primary Internet-scale Circle’s position as Deep commitment developer liquidity distribution, neutral market to regulation, platform, making it infrastructure providing global
Slide 17: Financial Review
Financial Review Q2 2025 EARNINGS PRESENTATION AUGUST 2025 17
Slide 18: An internet platform & network business model
An internet platform & network business model, with massive scale potential, and strong inherent operating leverage Core value driver METRICS WHY IT MATTERS Build the largest Network size and usage Foundation of network effects stablecoin network USDC in circulation Primary revenue driver today Mone
Slide 19: Circle's stablecoin network is growing strongly
Circle’s stablecoin network is growing strongly USDC ONCHAIN TRANSACTION CCTP VOLUME ($B) MEANINGFUL WALLETS (M) VOLUME ($T) 5.4x YoY 4.1x YoY 68% YoY $16.3 $16.5 5.7 $5.9 $5.9 4.9 4.3 $11.1 3.6 3.4 $3.4 $4.0 $4.2 $1.4 $1.1 Source: Company data. Note: “Meaningful Wallets” are defined as the number of
Slide 20: USDC circulation growth and Circle on platform share increasing
USDC circulation growth and Circle on platform share increasing USDC IN EOP USDC IN CIRCULATION MIX RESERVE RETURN RATE (%) CIRCULATION, EOP ($B)1 BY PLATFORM (%) 90% YoY Source: Company data. 1 The total amount of USDC minted and outstanding (excluding tokens allowed but not issued and access denie
Slide 21: Revenues, distribution costs and margin
Revenues, distribution costs and margin TOTAL DISTRIBUTION, TOTAL REVENUE & RESERVE TRANSACTION & OTHER COSTS RLDC MARGIN1 (%) INCOME ($M) ($M) 53% YoY 64% YoY 42% 42% 40% 38% 30% Source: Company data. 1 Revenue less Distribution Costs (RLDC) Margin is Total Revenue & Reserve Income less Total Distr
Slide 22: Strong other revenue growth driving margin
Strong other revenue growth driving margin OTHER REVENUE ($M) NRM1 & RLDC MARGIN2 (%) Source: Company data. 1 Net Reserve Margin is Reserve Income less Distribution and Transaction Costs as a percentage of Reserve Income. Q2 2025 EARNINGS PRESENTATION AUGUST 2025 22 2 Revenue less Distribution Costs
Slide 23: Strong Adjusted EBITDA growth and operating leverage
Strong Adjusted EBITDA growth and operating leverage TOTAL REVENUE & RESERVE INCOME ADJUSTED OPERATING EXPENSES LESS DISTRIBUTION, TRANSACTION & ADJUSTED EBITDA ($M)2 ($M)1 OTHER COSTS ($M) Margin (%)3 38% YoY 29% YoY 52% YoY $251 $231 $182 $188 $131 Source: Company data. 1 Adjusted operating expens
Slide 24: Outlook
Outlook Q2 2025 EARNINGS PRESENTATION AUGUST 2025 24
Slide 25: Forward Guidance
Forward Guidance Key Indicator Period Outlook USDC in Circulation Multi-year through cycle 40% CAGR Other Revenue FY 2025 $75-$85M RLDC Margin1 FY 2025 36-38% Adjusted Operating Expenses2 FY 2025 $475-$490M Source: Company data. 1 Revenue less Distribution Costs (RLDC) Margin is Total Revenue & Rese
Slide 26: Appendix
Appendix Q2 2025 EARNINGS PRESENTATION AUGUST 2025 26
Slide 27: Consolidated statement of operations
Consolidated statement of operations Three months ended Six months ended June 30, June 30, (in $ millions) 2025 2024 2025 2024 Reserve income $634 $423 $1,192 $783 Other revenue 24 7 45 12 Total revenue and reserve income 658 430 1,237 795 Distribution and transaction costs 406 247 754 450 Other cos
Slide 28: Consolidated balance sheets
Consolidated balance sheets June 30, December 31, (in $ millions) 2025 2024 ASSETS Current assets: Cash and cash equivalents $1,118 $751 Cash and cash equivalents segregated for corporate-held stablecoins 588 294 Cash and cash equivalents segregated for the benefit of stablecoin holders 61,366 43,919
Slide 29: Consolidated balance sheets (cont'd)
Consolidated balance sheets (cont’d) June 30, December 31, (in $ millions) 2025 2024 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $412 $287 Deposits from stablecoin holders 61,102 43,727 Convertible debt, net
Slide 30: Consolidated balance sheets (cont'd)
Consolidated balance sheets (cont’d) June 30, December 31, (in $ millions) 2025 2024 Commitments and contingencies Redeemable convertible preferred stock Redeemable convertible preferred stock (0.0001 par value, nil and $139.8 million shares issued and outstanding as of June 30, 2025 and December –
Slide 31: Calculation of NRM and RLDC margin
Calculation of NRM and RLDC margin (in $ millions) Q2‘25 Q1‘25 Q4‘24 Q3‘24 Q2‘24 Reserve income $634 $558 $433 $445 $423 Other revenue 24 21 2 1 7 Total revenue and reserve income 658 579 435 446 430 Distribution and transaction costs 406 347 304 257 247 Other costs 0 0 1 0 1 Total distribution, tra
Slide 32: Reconciliation of Adjusted EBITDA to net income (loss) from continuing operations
Reconciliation of Adjusted EBITDA to net income (loss) from continuing operations (in $ millions) Q2’25 Q1’25 Q4’24 Q3’24 Q2‘24 Net income (loss) from continuing operations ($482) $65 $4 $71 $33 Adjusted for: Depreciation and amortization expense 14 14 14 13 13 Interest expense, net of amortization
Slide 33: Reconciliation of adjusted operating expenses to operating expenses
Reconciliation of adjusted operating expenses to operating expenses (in $ millions) Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 GAAP operating expenses $577 $138 $130 $124 $131 Adjusted for: Stock-based compensation expense1 (435) (13) (11) (13) (17) 2 Depreciation and amortization expense (14) (14) (14) (13) (13
Slide 34: Outlook: Reconciliation of adjusted operating expenses to operating expenses
Outlook: Reconciliation of adjusted operating expenses to operating expenses FY 2025 (in $ millions) Low High GAAP operating expenses $1,150 $1,190 Adjusted for: Stock-based compensation expense1 (556) (571) Depreciation and amortization expense2 (70) (80) 3 Digital assets (gains) losses (6) (6) DAF