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Reuters
4 minutes ago
- Reuters
Stablecoin issuer Circle tops revenue estimate in first quarterly result since IPO
Aug 12 (Reuters) - Stablecoin giant Circle (CRCL.N), opens new tab surpassed expectations for second-quarter revenue in its maiden quarterly results since going public, sending its shares up 5% on Tuesday. Higher circulation of its USDC stablecoin and stronger subscription services helped the New York-based company cement a rally that has pushed its stock to more than five times its initial public offering price. Stablecoins, which are digital tokens backed by low-risk assets such as the U.S. dollar or Treasuries, have drawn increasing investor attention, especially since the Genius Act was passed last month. The momentum has helped companies such as Circle, which issues USDC - the second-biggest stablecoin by market value after Tether. After "our IPO and the Genius Act, we're seeing an acceleration of interest, with major institutions all leaning in," Chief Financial Officer Jeremy Fox-Geen said in an interview. USDC in circulation grew 90% as of June 30, compared to a year earlier. Circle expects it to grow at a compounded annual rate of 40% through the years. The token was also being used for cross-border transactions, including remittances both between individuals and businesses, CEO Jeremy Allaire said. The company's revenue and reserve income grew 53% year-over-year to $658 million, thanks to a jump in the interest it earns from the cash and short-term investments backing its USDC stablecoins. Revenue from subscription and services also rose, Circle said. Analysts were expecting revenues of $644.7 million, according to estimates compiled by LSEG. The company's net loss was $482 million, primarily due to two non-cash charges related to its IPO, including costs for employee stock awards that vested when the company went public and a higher valuation of its convertible debt following a rise in its share price. Circle on Tuesday also said it will roll out Arc, a public blockchain designed specifically for stablecoin transactions, this fall as it pushes to build the technological infrastructure for digital payments. "They're really trying to become the pillar of stablecoins in the U.S.," said David Bartosiak, stock strategist at Zacks Investment Research. "Circle can use what they have already done to establish themselves as a trusted mover." However, the company was currently not looking to strike many deals, even as the massive jump in its stock price has given it the ability to do so, CEO Allaire said. "We're careful and deliberate. I don't think our strategy here is to go try and do big, complex acquisitions to throw additional business lines."
Reuters
5 minutes ago
- Reuters
CONMEBOL launches system to detect online abuse of players and clubs
Aug 12 (Reuters) - South American soccer governing body CONMEBOL on Tuesday announced a system to detect racism, hate speech and abuse on social media directed at players, referees, clubs and others with the aim of taking action against the perpetrators. The system will be used starting with the round of 16 of the Copa Libertadores and Copa Sudamericana continental club competitions, both of which begin later on Tuesday. CONMEBOL said the system, implemented in partnership with Signify Group, allows "threats to be identified in real time, abusive behaviour to be deterred and concrete action to be taken against those responsible." Actions against perpetrators may include account suspension, stadium access restrictions and reports to relevant authorities, CONMEBOL added.
Reuters
5 minutes ago
- Reuters
Fed's policy rate should stay on hold for now, Schmid says
Aug 12 (Reuters) - The U.S. central bank should not take tariffs' muted effect on inflation so far as an opportunity to cut interest rates, but rather as a sign that monetary policy is "appropriately calibrated," Kansas City Federal Reserve President Jeffrey Schmid said on Tuesday, in remarks that contrast with the increasingly dovish tone of some of his colleagues. "With the economy still showing momentum, growing business optimism, and inflation still stuck above our objective, retaining a modestly restrictive monetary policy stance remains appropriate for the time being," Schmid said in remarks prepared for delivery to an economic development conference in Oklahoma. "While increased tariffs seem to be having a limited effect on inflation, I view this as a rationale for keeping policy on hold rather than an opportunity to ease the stance of policy." Schmid said his "patient approach" to changing the policy rate, currently in the 4.25%-4.50% range, shouldn't be seen as a "wait and see" approach because he does not think that it will be clear in the next few months whether tariffs are pushing up on prices temporarily or persistently. Rather, he said, he feels the current policy rate is not very far above the neutral rate, where activity is neither stimulated nor restrained, and the labor market is still looking solid despite a sharp drop in job growth in recent months. And while the cooling labor market is keeping a lid on the pass-through of tariffs into inflation, boosting demand aggressively could raise the risk of an outsized increase in price pressures, Schmid said. "In my view, and in discussion with my contacts, growth remains solid, inflation remains too high, and therefore policy should remain modestly restrictive," he said. "That said, as I stated earlier, inflation is determined by the balance of supply and demand, and if I see indications that demand growth is weakening significantly, I will adjust my views accordingly."
