Key Takeaways
Circle reported $701 million in second quarter revenue and reserve income, up 7 percent from a year ago, with net income from continuing operations of $48 million and adjusted EBITDA of $143 million.
USDC in circulation reached $73.3 billion at quarter end, up 19 percent year over year, and USDC onchain transaction volume hit $14.8 trillion for the quarter, up 151 percent.
Arc, Circle's own blockchain, launches its public mainnet September 16 with more than 100 builders, including BlackRock, BNY, DTCC, and Standard Chartered.
Circle released second quarter results on Wednesday, its first full report since winning a New York trust charter for its USDC business last week. Total revenue and reserve income came in at $701 million, up 7 percent from a year ago, with net income from continuing operations of $48 million and adjusted EBITDA of $143 million at a 50 percent margin.
The USDC numbers carry the story. Circulation ended the quarter at $73.3 billion, up 19 percent year over year, and onchain transaction volume reached $14.8 trillion, up 151 percent. The report follows a rough stretch for the stock, Circle missed expectations last quarter for the first time as a public company and Morgan Stanley cut its price target to $38 this week, pointing to a recent dip in circulation from its spring peak.
Wall Street's answer came fast. Circle shares rose about 10 percent in premarket trading Wednesday after adjusted earnings of 18 cents a share beat the 16 cent consensus, per CoinDesk, and CEO Jeremy Allaire said the institutions using USDC today "aren't piloting, they are expanding." The call also named Arc's founding validators, BlackRock, DTCC, ICE, Mastercard, Visa, Standard Chartered, Galaxy, and MoneyGram, and put the Circle Payments Network at $14.7 billion in annualized volume, up 76 percent from the prior quarter.
The forward bet is Arc, Circle's own blockchain, which gets a public mainnet launch on September 16 with more than 100 ecosystem and institutional builders. BlackRock is expected to deploy its BUIDL fund on the network, DTCC will enable tokenization of assets custodied at The Depository Trust Company, and BNY and Standard Chartered are building integrations spanning custody, FX, and repo. That is the same institutional wave that saw BNY move its $8.6 trillion fund business onchain last week. The pattern here is hard to ignore, the largest US-regulated stablecoin issuer is becoming infrastructure the biggest names in traditional finance build on.
People Also Ask
What did Circle report for Q2 2026?
Circle reported $701 million in total revenue and reserve income, up 7 percent year over year, net income from continuing operations of $48 million, and adjusted EBITDA of $143 million.
How much USDC is in circulation?
USDC in circulation was $73.3 billion at the end of the second quarter of 2026, up 19 percent from a year earlier, though analysts have flagged a dip from its spring peak.
What is Arc, Circle's blockchain?
Arc is a blockchain built by Circle for stablecoin finance, with tokenized real-world assets, privacy features, and programmable payments. Its public mainnet launch is set for September 16, 2026.
Which institutions are building on Arc?
Circle says more than 100 builders are on the network. The founding validator set includes BlackRock, DTCC, ICE, Mastercard, Visa, Standard Chartered, Galaxy, and MoneyGram, with BlackRock expected to deploy its BUIDL fund and DTCC enabling tokenization of DTC-custodied assets.