Circle Sees Growth Amid Crypto Market Slowdown as USDC Circulation Hits $73B

Circle Internet Group, Inc., the parent company of USDC issuer Circle, has announced its financial results for Q2 2026. The company reported $701 million in total revenue and reserve income, a 7% increase year-over-year.

The company's stablecoin USDC saw significant growth, with its circulation reaching $73.3 billion at the end of Q2, a 19% year-over-year increase. Additionally, USDC on-chain transaction volume grew 151% to $14.8 trillion.

Circle also announced that it has received final approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, Circle National Trust. This marks a significant milestone for the company, as it becomes one of the first stablecoin issuers to hold a federal bank charter.

Circle's CEO, Jeremy Allaire, stated that despite the current rate environment and crypto market slowdown, the company is seeing near-term activity that indicates growth. He highlighted the launch of Arc on public mainnet on September 16th and the introduction of Agent Stack as key developments.