Circle Internet Group (CRCL) Q2 2026 earnings summary

Executive summary

• USDC in circulation reached $73.3 billion in Q2 2026, up 19% year-over-year, with onchain transaction volume of $14.8 trillion, and platform share growing 73% year-over-year.

• Total revenue and reserve income rose 7% year-over-year to $701 million, with adjusted EBITDA up to $143 million and a 50% margin.

• Net income from continuing operations improved by $530 million to $48 million compared to Q2 2025, reflecting lower IPO-related stock-based compensation.

• Arc Mainnet launch is set for September 16, 2026, with major financial institutions as validators and strategic partnerships with DTCC and BlackRock.

• Regulatory milestones include OCC and NYDFS trust charters, enhancing USDC's regulatory foundation and institutional trust.

Financial highlights

• USDC onchain transaction volume surged 151% year-over-year to $14.8 trillion, with daily on-chain transaction volume up 105% year-over-year to $2.9 billion.

• Mint and redeem volume for USDC reached $170 billion in Q2.

• Reserve income was $668 million, up 5% year-over-year, driven by 25% growth in average USDC in circulation, partially offset by a 66bps decline in reserve return rate.

• Adjusted operating expenses were $146 million, up 23% year-over-year, reflecting ongoing investment in product and AI.

• Net income attributable to common stockholders was $48.2 million, compared to a loss of $482.1 million in Q2 2025.

Outlook and guidance

• FY 2026 other revenue guidance raised to $310–$330 million, RLDC margin outlook increased to 41.7–43.7%, and adjusted operating expenses expected at $570–$585 million.

• Management targets a 40% multi-year USDC growth CAGR, in line with stablecoin market projections.

• Stablecoin market projected to reach $0.9–$4.0 trillion by 2030, with 27–77% CAGR.