On August 10th, Circle CEO Jeremy Allaire announced that Circle's revenue for the first half of this year was $779 million, surpassing the full-year revenue of $772 million projected for 2022. Circle's adjusted EBITDA for the first half of the year was $219 million, also exceeding the $150 million in revenue projected for the full year of 2022. As of June, the company's balance sheet showed over $1 billion in cash.

The market capitalization of Circle's stablecoin USDC has fallen by approximately 50% in the past year, with its current market cap standing at around $26.7 billion. This is due to competition from Tether, which has seen a 27% increase in market cap since July 2022. USDC's credibility has also been affected by a temporary de-pegging to $0.97 following the insolvency of Silicon Valley Bank.

Circle's USDC stablecoin has experienced a decrease in circulating supply of around $100 million in the past week due to redemptions exceeding new coin issuance. This trend has been ongoing for the past year, resulting in a reduction of approximately $28 billion from USDC's market capitalization.

Jeremy Allaire, CEO of Circle, has expressed optimism about the development of Web3 in Hong Kong and the HKMA's efforts to regulate stablecoins. He believes that stablecoins could play a role in the internationalization of the yuan and that they could offer a more immediate solution compared to a central bank digital currency. Hong Kong is positioning itself as a global virtual asset hub and is focusing on regulating stablecoins, with the HKMA committed to introducing regulations for stablecoins by 2024. Circle is encouraged by the HKMA's prioritization of stablecoin regulations and is motivated to grow its presence in the region.

According to CoinDesk, Circle has laid off some of its employees in order to improve its financial position. The company stated that this move will allow them to concentrate on their core business activities and execution. While they have reduced or ended investments in non-core activities and operational expenses, they have also identified new areas for investment and are continuing to hire in key areas of focus globally. Circle has recently made headlines for hiring former U.S. Commodities Futures Trading Commission head Heath Tarbert as its chief legal officer and former Goldman Sachs chief risk officer Craig Broderick to its board of directors.

According to data from Circle’s official website, from June 30 to July 6, Circle issued a total of about 800 million USDC, redeemed about 1.3 billion USDC, and reduced circulation by about 400 million. As of July 6, the circulation of USDC was 27.5 billion, and the reserve fund was 27.6 billion US dollars.

Circle, the issuer of USDC, has responded to a security breach by blacklisting three wallet addresses and freezing $63 million in USDC. The breach involved the transfer of $126 million worth of crypto assets from Multichain's bridge deployments on Fantom and Dogechain to third-party wallets, prompting Multichain to advise users against using its services temporarily.

Circle, the issuer of USDC stablecoin, has launched a wallet-as-a-service platform for developers. The platform enables developers to embed web3 wallets in their apps with a user-friendly design, allowing users to access NFTs, cryptocurrencies, and other web3 digital assets on any blockchain. Circle CEO Jeremy Allaire announced on Twitter that the platform is now available for self-service, with forthcoming updates allowing developers to control user private keys. The company's wallet-as-a-service developer platform is currently in beta testing and USDC remains the second-largest stablecoin supply after Tether.

Payment services company Circle is considering issuing a stablecoin in Japan following the implementation of legislation governing stablecoins on June 1. CEO Jeremy Allaire believes Japan could become an extremely large market for stablecoins if they are more widely used for cross-border trade and global commerce.

July 4 (Cointime) - According to Lookonchain, A whale deposited 7,265 $ETH ($14.22M) and 205 $WBTC ($6.36M) into #Aave and #Compound 2 hours ago, borrowed 10M $USDC and deposited to #Circle.