Circle's USDC Circulation Surges Amid Downturn in Crypto Market

Circle, the stablecoin issuer behind USDC, reported quarterly revenue that rose by 7% to $701.3 million in Q2 2026, but failed to meet Wall Street estimates of $717.5 million.

The company's USDC circulation increased by 19% in the second quarter to $73.3 billion, with onchain transaction volumes jumping 151% year-over-year.

Analysts at William Blair attributed Circle's resilience in a challenging crypto market to its strategic leadership and momentum, noting that higher circulation volumes offset the drop in reserve returns due to lower interest rates.