How did Circle's core USDC business perform in Q2 2026?

USDC in circulation was $73.3 billion at quarter end, up 19% year-over-year, and average circulation was $76.5 billion, up 25%. The Reserve Return Rate was 3.5%, down 66 bps. Stablecoin market share ended the quarter at 27%, and USDC minted ($83 billion) and redeemed ($87 billion) both grew sharply year-over-year.

Why did net income swing to positive in Q2 2026?

Net income from continuing operations was $48 million, an increase of $530 million year-over-year. The company attributed the change primarily to lower stock-based compensation expense following its IPO in Q2 2025, which had produced a $482 million net loss in the prior-year quarter. Operating expenses fell to $254 million from $577 million.

What regulatory milestones did Circle announce?

Circle received final approval from the U.S. Office of the Comptroller of the Currency to establish Circle National Trust, which the company says makes it one of the first stablecoin issuers to hold a federal bank charter. The approval authorizes federally regulated digital asset custody and future management of the USDC Reserve. Circle also received approval from the New York Department of Financial Services to open Circle New York Trust as a limited purpose trust company.

What changed in the company's full-year 2026 outlook?

Other Revenue guidance was raised to $310-$330 million from $150-$170 million, including recognized ARC Token presale revenue. The RLDC margin guidance was raised to 41.7%-43.7% from 38%-40%. Adjusted Operating Expenses guidance of $570-$585 million was unchanged, and the multi-year USDC in circulation outlook of a 40% CAGR was maintained.

What is the status of Arc and the ARC Token?

Circle plans a public mainnet launch of Arc on September 16, featuring privacy capabilities, an agent stack for programmable finance, and support for tokenized real-world assets. Arc has over 100 ecosystem and institutional builders, and a founding third-party validator cohort was announced. The filing also notes execution, market, legal, and regulatory risks associated with Arc and the ARC Token, including possible repayment obligations if key launch milestones are not achieved.

CRCL 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed August 5, 2026. Cited figures are marked; the original filing is the authoritative source.

Circle Internet Group, Inc. reported second-quarter 2026 results in a press release furnished as Exhibit 99.1 to this Form 8-K.

USDC in circulation was $73.3 billion^a at quarter end, up 19% year-over-year, and USDC onchain transaction volume in Q2'26 was $14.8 trillion, up 151% year-over-year. Total revenue and reserve income was $701 million, up 7%, and Revenue Less Distribution Costs (RLDC) was $289 million, up 15%, at a 41% RLDC margin. Net income from continuing operations was $48 million, an increase of $530 million year-over-year that management attributes to lower stock-based compensation following the Q2 2025 IPO.

Adjusted EBITDA was $143 million^b, up 8%, with an Adjusted EBITDA margin of 50%. The company also reported that Circle received final approval from the U.S. Office of the Comptroller of the Currency to establish Circle National Trust, and approval from the New York Department of Financial Services for Circle New York Trust. Management said the Arc public mainnet launches September 16, and that CPN reached $14.7 billion in annualized transaction volume for the trailing 30 days as of quarter end, up 76% quarter-over-quarter.

The CEO cited a slowed crypto market and current rate environment as conditions affecting quarterly results. Full-year 2026 guidance was revised: Other Revenue is now $310^c-$330 million (previously $150-$170 million), and the RLDC margin is now 41.7%-43.7% (previously 38%-40%). Adjusted Operating Expenses guidance is unchanged at $570-$585 million, and the multi-year USDC in circulation outlook remains a 40% CAGR.

02—Key points

Key Highlights

USDC in circulation ended Q2 2026 at $73.3 billion (up 19% year-over-year), with average circulation of $76.5 billion (up 25%) and USDC on platform of $12.4 billion (up 106%).
Total revenue and reserve income of $701 million rose 7% year-over-year; reserve income was $668 million (up 5%) and Other Revenue was $34 million (up 41%).
Net income from continuing operations was $48 million, compared with a net loss from continuing operations of $482 million in Q2 2025, driven by lower stock-based compensation after the IPO.
Adjusted EBITDA was $143 million (up 8%), and Adjusted Operating Expenses rose 23% to $146 million on investment in product development, infrastructure, and AI.
Circle received final OCC approval for Circle National Trust, a federal national trust bank, and New York DFS approval for Circle New York Trust.
FY 2026 guidance raised: Other Revenue to $310-$330 million from $150-$170 million, and RLDC margin to 41.7%-43.7% from 38%-40%; Adjusted Operating Expenses guidance held at $570-$585 million.
Arc, the company's blockchain, is scheduled for public mainnet launch on September 16, with a founding third-party validator cohort that includes BlackRock, DTCC, Mastercard, Visa, and others.

03—Questions

Frequently Asked Questions

How did Circle's core USDC business perform in Q2 2026?
USDC in circulation was $73.3 billion at quarter end, up 19% year-over-year, and average circulation was $76.5 billion, up 25%. The Reserve Return Rate was 3.5%, down 66 bps. Stablecoin market share ended the quarter at 27%, and USDC minted ($83 billion) and redeemed ($87 billion) both grew sharply year-over-year.
Why did net income swing to positive in Q2 2026?
Net income from continuing operations was $48 million, an increase of $530 million year-over-year. The company attributed the change primarily to lower stock-based compensation expense following its IPO in Q2 2025, which had produced a $482 million net loss in the prior-year quarter. Operating expenses fell to $254 million from $577 million.
What regulatory milestones did Circle announce?
Circle received final approval from the U.S. Office of the Comptroller of the Currency to establish Circle National Trust, which the company says makes it one of the first stablecoin issuers to hold a federal bank charter. The approval authorizes federally regulated digital asset custody and future management of the USDC Reserve. Circle also received approval from the New York Department of Financial Services to open Circle New York Trust as a limited purpose trust company.
What changed in the company's full-year 2026 outlook?
Other Revenue guidance was raised to $310-$330 million from $150-$170 million, including recognized ARC Token presale revenue. The RLDC margin guidance was raised to 41.7%-43.7% from 38%-40%. Adjusted Operating Expenses guidance of $570-$585 million was unchanged, and the multi-year USDC in circulation outlook of a 40% CAGR was maintained.
What is the status of Arc and the ARC Token?
Circle plans a public mainnet launch of Arc on September 16, featuring privacy capabilities, an agent stack for programmable finance, and support for tokenized real-world assets. Arc has over 100 ecosystem and institutional builders, and a founding third-party validator cohort was announced. The filing also notes execution, market, legal, and regulatory risks associated with Arc and the ARC Token, including possible repayment obligations if key launch milestones are not achieved.

04—Continue

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