Circle's USDC Surges to $14.8 Trillion in On-Chain Transaction Volume
Circle's USDC stablecoin saw significant growth in on-chain transaction volume and circulation during Q2 2026, according to recent financial results. The total on-chain transaction volume surged 151% year-over-year to $14.8 trillion, while the outstanding USDC in circulation increased by 19% to $73.3 billion at quarter-end.
The company's revenue and reserve income grew 7% to $701 million, but the adjusted EBITDA margin remained steady at approximately 20.4%. Reserve income accounted for about 95% of total revenue and reserve income, with other revenue growing 41% to $34 million.
Circle's financial growth was slower than the increase in network activity, as distribution, transaction, and other costs reached $412 million, increasing only 1%. Net income from continuing operations improved by $530 million from the prior-year period, mainly due to lower stock-based compensation following the company's IPO.
Circle is expanding USDC's connection to traditional banking systems through partnerships with companies like BNY and Standard Chartered. The company received its federal trust bank charter and launched Arc, a blockchain network for programmable finance, which had over 100 ecosystem and institutional builders ahead of its scheduled public-mainnet launch.