Circle's Q2 Revenue Soars to $701 Million on Strong USDC Performance

Circle generated $701 million in revenue during the second quarter of 2026, representing an annual growth of 7%. This increase is primarily attributed to the expansion of USDC, with a significant jump in transactions. The volume of USDC transactions reached $14.8 trillion, a staggering 151% increase from the previous quarter.

The company's revenue from reserves increased by 5%, reaching $668 million, which accounts for over 95% of its total revenue. This growth is largely driven by a 25% increase in the average outstanding USDC, now at $76.5 billion.

However, Circle faces a challenge as reserve yields have decreased to 3.5%, down from 66 basis points. While the company benefits from increased USDC circulation, it earns less per dollar placed in its reserves compared to last year.