The stablecoin issuer Circle posted $701 million in total revenue for the second quarter of 2026, a 7% year-over-year increase but below Wall Street’s $713.32 million forecast. The firm attributed the revenue growth to a 25% rise in average USDC circulation, which drove a $668 million reserve income increase. Circle also raised its full-year 2026 revenue guidance to $310–$330 million, reflecting stronger-than-expected performance in its core stablecoin operations.
Shares in Circle rose 5.7% in pre-market trading following the results but remain 20% lower year-to-date. The company’s USDC stablecoin maintained its position as the second-largest by circulation, with $72 billion in supply, though total stablecoin supply across the sector fell to $153 billion by June 30. USDC accounted for 72% of $15.6 trillion in adjusted on-chain transfer volume during the period, according to data from CryptoQuant.
Circle’s fiscal year 2026 guidance now anticipates significantly higher revenue than previously projected, with the firm citing improved demand for its Arc blockchain, scheduled for launch on September 16. The Arc network’s validator cohort includes major institutions such as BlackRock, DTCC, and Mastercard, signaling broad industry support for the platform.
A spokesperson for Talos, an institutional technology provider, noted that USDC remains the dominant stablecoin for on-chain settlement despite a slowdown in supply growth. The firm’s net income from continuing operations surged to $48 million in Q2 2026, a $530 million increase compared to the same period in 2025.
Written by Jessica Primrose
Stablecoins Desk
