Circle Internet Group Q2 2026 Earnings Recap

Circle’s Q2 results were largely in line with expectations, as reflected by a flat stock reaction despite solid top-line growth and regulatory progress. Investors appear to have weighed the company’s steady operational metrics against the absence of significant upside surprises.

Key Takeaways

• USDC in circulation grew 20% year-over-year to $73.3 billion.
• Total revenue and reserve income reached $701 million, with adjusted EBITDA margins remaining stable.
• Average daily USDC minting and redemption hit $1.9 billion, up 105% year-over-year.
• On-chain transaction volume grew 151% year-over-year, averaging $163 billion daily in Q2.
• Circle secured its OCC National Trust Bank charter and additional trust charter from New York, underpinning regulatory credentials.