Circle Doubles Full-Year Other Revenue Outlook

The Tip Desk · August 5, 2026 · 4 min read

The stablecoin issuer raised its 2026 other-revenue target to $310 million to $330 million, including ARC Token presale revenue, after a quarter in which USDC circulation growth cooled.

Circle Internet Group (CRCL) raised its full-year 2026 other-revenue outlook to $310 million to $330 million, from a prior range of $150 million to $170 million, and said the new band includes recognized ARC Token presale revenue.

The lift came with a slower quarter on the company’s core stablecoin franchise. Total revenue and reserve income was $701 million, up 7% from a year earlier, after 20% growth in the first quarter. USDC in circulation ended June 30 at $73.3 billion, up 19% from a year earlier, after 28% growth in the first quarter. Average USDC in circulation was $76.5 billion, up 25% year-over-year, after 39% growth in the first quarter. USDC onchain transaction volume was $14.8 trillion, up 151% year-over-year, after 263% growth in the first quarter.

Reserve income, the bulk of the top line, was $668 million, up 5% year-over-year. The 25% growth in average USDC in circulation was partially offset by a 66-basis-point decline in the Reserve Return Rate, which stood at 3.5%. Other revenue was $34 million, up 41% year-over-year, driven by growth in subscription and services revenue.

Revenue less distribution costs was $289 million, and the RLDC margin held at 41%. Adjusted EBITDA on the new definition was $143 million, up 8% year-over-year, after 24% growth in the first quarter. Adjusted EBITDA margin was 50%.

Net income from continuing operations was $48 million, or $0.18 a share diluted, after a $4.48 a share loss a year earlier. The swing was driven by prior-year IPO stock-based compensation. Operating expenses were $254 million, down 56% year-over-year, primarily due to lower stock-based compensation after the second-quarter 2025 IPO. Adjusted operating expenses were $146 million, up 23% year-over-year, driven by continued investment in product development, infrastructure, and AI capabilities.

USDC on Platform ended the period at $12.4 billion, up 106% year-over-year, after 254% growth in the first quarter. The daily weighted average percentage of USDC on Platform was 19.5%. Stablecoin market share ended the period at 27%. Meaningful wallets, defined as onchain wallets holding more than $10 of USDC, ended at 7.0 million, up 24% year-over-year.

The Circle Payments Network reached $14.7 billion in annualized transaction volume for the trailing 30 days as of the end of the second quarter, up 76% quarter-over-quarter, with 175 financial institutions enrolled, up 29% quarter-over-quarter. BNY expanded its partnership to add USDC minting and redemption inside its Digital Asset Custody platform. Standard Chartered launched integrated USDC minting and redemption. Nium partnered to connect USDC settlement with payouts across more than 190 countries. JCB combined Circle’s stablecoin infrastructure with its merchant network in Japan. Grupo Bind announced a collaboration to bring USDC access to institutions in Argentina. Marex enabled the first stablecoin-powered initial margin transaction in regulated derivatives clearing.

Circle received final OCC approval to establish Circle National Trust, a national trust bank, and New York DFS approval to open Circle New York Trust as a limited-purpose trust company. Arc, the company’s blockchain, now has more than 100 ecosystem and institutional builders. A September 16 public mainnet launch is scheduled to include privacy capabilities, an agent stack for programmable finance, and support for tokenized real-world assets. Founding third-party validators include BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, and Visa. BlackRock is expected to deploy BUIDL on Arc; DTCC will enable tokenization of DTC-custodied assets.

Agent Stack, launched in May 2026, currently hosts more than 900 paid services, with 99.3% of x402 agent-payment volume settling in USDC. Co-founder, CEO and Chairman Jeremy Allaire said quarterly results reflect the current rate environment and a crypto market that has slowed, conditions outside the network, while near-term activity tells a different story.

For full-year 2026, the company also raised RLDC margin guidance to 41.7% to 43.7%, from 38% to 40%. Adjusted operating expenses guidance was reiterated at $570 million to $585 million. Multi-year through-cycle USDC in circulation guidance of a 40% CAGR was reiterated.