Circle's USDC Stablecoin Surges Past $14 Trillion in Q2 Volume
Circle's recent quarterly earnings report has left investors divided on the future of its USDC stablecoin. The company posted $14.8 trillion in onchain transaction volume for Q2 2026, with a year-over-year surge of 151% despite a contraction in supply.
This shift from a static store of value to a high-velocity settlement layer is a key point of contention among analysts. Circle's CEO Jeremy Allaire notes that institutions like BlackRock and Standard Chartered are expanding their use of USDC, rather than just piloting it.
However, Morgan Stanley recently downgraded Circle to Underweight, citing the risks inherent in its business model. The company's revenue miss of $11.7 million may mask underlying volatility in core operations, according to James Faucette.