"The second quarter of this year saw Remitly hit the right financial notes. Send volume increased 40% to $18.5 billion, from $13.2 billion in Q2 2024. Revenue increased 34% and totaled $411.9 million, compared to $306.4 million in the same time last year. Net income was $6.5 million, compared to a net loss of $12.1 million in the same period last year."
"The bigger story, however, was Remitly's push into digital assets. A day before sharing its quarterly earnings, the company announced its partnerships with Circle and Bridge to integrate stablecoins like USDC into its wallet. It's a step that suggests remittances may get faster, but also start to look different from the rails they've long relied on. We explore the challenge Remitly is addressing by introducing stablecoins into its ecosystem, and the new opportunities its recent partnerships bring to the table."
Remitly reported strong Q2 performance with send volume up 40% to $18.5 billion, revenue up 34% to $411.9 million, and net income of $6.5 million versus a prior loss. The company partnered with Circle and Bridge to integrate stablecoins like USDC into its wallet. The stablecoin integration is positioned to accelerate settlement, introduce new cross-border liquidity models, and shift remittance rails toward digital asset-based flows. Potential benefits include faster transfers and lower costs. Key challenges include regulatory compliance, maintaining fiat on/off ramps, liquidity management, and operational security when using on-chain settlement.
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