Circle posts Q2 2026 earnings, USDC circulation rises 19% and on‑chain volume spikes 151%

Circle Internet Group reported second‑quarter 2026 revenue of $701 million, a 7% year‑over‑year increase, but missed Wall Street consensus of roughly $713 million. Net income from continuing operations rose to $48 million, up $530 million from a year earlier. Reserve income grew 5% to $668 million, while the reserve return rate fell 66 basis points to 3.5%.

USDC stablecoin circulation reached $73.3 billion at quarter‑end, up 19% YoY, and average circulation during the quarter was $76.5 billion, a 25% rise. On‑chain transaction volume for USDC hit $14.8 trillion, up 151% year‑over‑year, underscoring its role in digital settlement.

Adjusted EBITDA was $143 million, an 8% increase, and the company raised its full‑year “other revenue” guidance to $310‑$330 million and its RLDC margin outlook to 41.7‑43.7%. Circle maintained its target for USDC to grow at a 40% compound annual growth rate through 2026.

The firm also announced the upcoming public mainnet launch of its Arc blockchain on 16 September 2026, naming a validator cohort that includes BlackRock, Visa, Mastercard, Standard Chartered and other major financial institutions. Recent regulatory milestones include a federal trust charter from the OCC and a limited‑purpose trust charter from the NYDFS.

Shares rose modestly in pre‑market trading after the release but remain down about 20% year‑to‑date.