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 up 151% to $14.8 trillion and average circulation at an all-time high of $76.5 billion.

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

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

• Major milestones included the renewal of the Coinbase partnership, OCC national trust bank charter, NYDFS trust approval, and upcoming Arc Mainnet launch on September 16th.

• Strategic partnerships expanded with BlackRock, DTCC, BNY, Standard Chartered, and others, and the agent marketplace launched with 900+ paid services.

Financial highlights

• USDC onchain transaction volume averaged $163 billion per day in Q2, up 151% year-over-year, with total volume at $14.8 trillion.

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

• Other revenue was $34 million, up 41% year-over-year, mainly from subscription and services growth.

• 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 growth CAGR for USDC in circulation, in line with stablecoin market projections.

• Arc Mainnet launch expected in September 2026, with continued investment in platform expansion and global partnerships.