Circle Internet Group CEO Jeremy Allaire said Tuesday that the company is advancing its stablecoin and payment infrastructure with a "big tent" mindset, aiming to integrate it into a larger and rapidly expanding digital currency market.

On Tuesday, Circle released itsfirst public financial results, about two months after itsinitial public offering(IPO). The IPO, through the exercise of the over-allotment option,raised a total of $1.2 billion.。

The Trump administration has recently shown a welcoming attitude toward cryptocurrency and stablecoins, with President Donald Trump signing the GENIUS Act, providing a regulatory framework for stablecoin use in the United States.

"We anticipate that many different payment networks, capital market exchanges, and other institutions will build on top of our stablecoin market infrastructure," Allaire, who also serves as Circle's co-founder, said on a conference call with analysts on Tuesday.

Such development will expand the use of Circle's stablecoin USDC and drive enterprises to adopt Circle's technology, services, and protocols, he said. "So, we generally hold a 'big tent' mindset, hoping to see all kinds of companies succeed."

Unlike some cryptocurrencies such as Bitcoin, stablecoins are typically pegged to the value of fiat currencies like the U.S. dollar to reduce price volatility. In recent years, stablecoin usage has grown rapidly, especially in emerging markets, primarily for cross-border transactions and as a digital dollar storage tool.

In recent months, Circle announced new partnerships with payment giants Fiserv and Fidelity National Information Services (FIS). In June, Fiserv said it would integrate Circle's technology into its planneddigital asset platformand stablecoin FIUSD. On July 28, FIS and Circle announced a partnership allowing financial institutions to offer clients the option of using Circle's currency forstablecoin payments.

"Our market-neutral model allows even the most competitive participants to broadly adopt our platform," Allaire told Wall Street analysts.

The CEO also noted that Shopify decided in June to accept Circle'sstablecoin as a payment option, in partnership with cryptocurrency exchange Coinbase Global and payment processing software company Stripe.

"This is exactly what we hope to see from partners like Coinbase," Allaire said. "We want to see people build and integrate USDC into business processes and other types of applications."

Such collaborations will enhance "Circle's network value and expand the utility of USDC." "This is also part of our competitive moat—expanding that utility through developers integrating and deploying it in different ways," he said.

Circle said in its earnings report that as of Sunday, USDC in circulation reached $65.2 billion, up 96% from the second quarter of 2024.

The company's cross-border payment network,Circle Payments Network, launched in May and currently operates four "active payment corridors" in Brazil, Hong Kong, Mexico, and Nigeria, Allaire said. Circle stated in a press release that more than 100 financial institutions have expressed interest in using the network later this year.

Also on Tuesday, Circle announced the launch of Arc, a new blockchain network designed for large financial institutions and large enterprises. Circle executives said the blockchain will provide large enterprises with low costs, stable fees, and faster performance.

"We are at a critical juncture where stablecoins are being massively and mainstreamly adopted by the financial system, with enterprises racing to build on this infrastructure, but before now, blockchain infrastructure meeting the most demanding needs of large financial institutions and enterprises simply did not exist," Allaire said.

Circle reported a net loss of $482 million, most of which came from stock-based compensation expenses related to the IPO. Revenue was $658 million, up 53% year-over-year. Reserve income—the interest Circle earns from its stablecoin reserve assets—was $634 million.

Baird analysts wrote in a client note Tuesday that Circle's "theme of rapid long-term growth remains intact," while noting the company remains highly dependent on interest income, which accounts for about 95% of its revenue.