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Circle revenue rises to $701 million but misses expectations
USDC stablecoin issuer Circle reported second-quarter fiscal 2026 revenue of $701 million on Wednesday. The figure came in slightly below Wall Street’s preliminary consensus estimate.
Total revenue and reserve income increased 7% year over year. Net income from continuing operations reached $48 million, representing an improvement of $530 million compared with the same period last year.
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Reserve income rose 5% year over year to $668 million. The increase was primarily driven by a 25% rise in the average amount of USDC in circulation during the reporting period.
Despite the positive performance across key metrics, the result fell short of analysts’ average estimate of $713.32 million. Circle shares gained 5.7% in Wednesday’s premarket trading and changed hands above $66.50. However, the stock remained down approximately 20% year to date.
Ahead of the Arc blockchain launch
The report was published several weeks before the planned Sept. 16 launch of Arc’s public mainnet. According to Circle, more than 100 institutional participants and developers have already joined the network’s ecosystem.
The company also revealed Arc’s initial group of validators, which includes BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation and Visa.
Circle’s management raised its guidance for several key metrics. In particular, the projected amount of other revenue for the current fiscal year was increased from the previous range of $150 million–$170 million to $310 million–$330 million. The updated forecast also includes proceeds from the Arc token presale.
Circle’s earnings report came amid weakness in the stablecoin market. According to CryptoQuant, the total stablecoin supply declined from $156 billion on April 1 to $153 billion on June 30.
Compared with competitors
Circle can be considered one of the most successful crypto companies to have built a sustainable business around a widely used product. The company consistently promotes USDC not as a speculative token but as infrastructure for payments, transfers and onchain settlements, while expanding its integration with exchanges, wallets, fintech services and blockchain networks. This strategy has helped USDC establish itself as the world’s second-largest stablecoin and one of the crypto market’s key settlement assets.
Circle’s public market debut was equally notable. In June 2025, the company completed an upsized IPO following strong investor demand, with Circle and its shareholders raising approximately $1.1 billion. Its shares surged on the first day of trading. At a time when traditional investors remained cautious about the crypto sector, Circle succeeded in presenting itself not merely as a stablecoin issuer but as a financial technology company with a clear business model, a growing product and significant prospects for further development.
Earlier, Circle obtained a banking license.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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