Circle公布2026年二季度业绩：利润小超预期但收入不及预期，且USDC余额环比回落

CIRCLE REPORTS SECOND QUARTER 2026 RESULTS

NEW YORK – AUGUST 5, 2026 — Circle Internet Group, Inc. (NYSE: CRCL) today announced
results for the second quarter of fiscal year 2026.

Financial Highlights (Q2’26 vs. Q2’25)

●​ USDC in circulation of $73.3 billion at quarter end, 19% growth year-over-year; USDC
onchain transaction volume in Q2’26 of $14.8 trillion grew 151% year-over-year.
●​ Total revenue and reserve income in Q2’26 of $701 million grew 7% year-over-year.
●​ Net income from continuing operations in Q2’26 of $48 million increased $530 million
year-over-year, driven by prior-year IPO stock-based compensation impacts.
●​ Adjusted EBITDA in Q2’26 of $143 million grew 8% year-over-year.

Business Highlights

●​ Arc today has over 100 ecosystem and institutional builders. September 16 public mainnet
launch will unveil a full product suite that includes privacy capabilities, an agent stack for
programmable finance, and support for tokenized real-world assets.
o​ Network Validators: Circle announced the founding third party validator cohort for
Arc today, a curated set of global financial institutions representing a new model for
blockchain infrastructure where the institutions that depend on network integrity are
also the institutions that secure it. Alongside Circle, validators include: BlackRock, The
Depository Trust & Clearing Corporation (DTCC), Galaxy, Global Payments, ICE,
Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, and
Visa.
o​ Financial Institution Traction: BlackRock, BNY, DTCC, and Standard Chartered each
building and exploring integrations with Arc, spanning tokenized asset settlement,
digital asset custody, stablecoin access, and FX and repo infrastructure.
▪​ BlackRock is expected to deploy BUIDL, the BlackRock USD Institutional Digital
Liquidity Fund, on Arc.
▪​ DTCC will enable the tokenization of The Depository Trust Company
(DTC)-custodied assets on Arc.
●​ New and Expanded USDC Use Cases/Commercial Updates
o​ BNY expanded its partnership with Circle, adding USDC minting and redemption
directly within BNY's Digital Asset Custody platform, building on BNY's existing role as
primary custodian of USDC reserves.
o​ Grupo Bind announced a collaboration with Circle to bring USDC access to
institutions in Argentina. A major step for USDC/ARS liquidity.




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 o​ JCB combined Circle’s stablecoin infrastructure with JCB's global merchant network,
focusing initially on cross-border treasury transfers using USDC and in-store
stablecoin payment experiences for merchants and international visitors in Japan.
o​ Kakao Group began exploration of blockchain payment infrastructure and USDC
integration in Korea.
o​ Marex enabled the first stablecoin-powered initial margin transaction in regulated
derivatives clearing — allowing institutional clients to post USDC as collateral for
CFTC-regulated derivatives under the December 2025 CFTC no-action letter.
o​ Nium partnered with Circle to connect USDC settlement with their global payout
infrastructure across 190+ countries, permitting financial institutions to move funds via
USDC through the Circle Payments Network and settle in local currencies.
o​ Standard Chartered launched integrated access to USDC minting and redemption,
allowing institutional clients to convert between fiat and USDC through a single
bank-led onboarding experience.
●​ Trust Bank Approvals: Circle received final approval from the U.S. Office of the
Comptroller of the Currency to establish a national trust bank, Circle National Trust, which
makes Circle one of the first stablecoin issuers to hold a federal bank charter. The
approval authorizes federally regulated digital asset custody and enables future
capabilities, including management of the USDC Reserve, which would further enhance
the safety, transparency, and trust of USDC. Additionally, Circle received approval from
the New York Department of Financial Services to open Circle New York Trust as a digital
asset-focused limited purpose trust company.
●​ Continued CPN Expansion: CPN reached $14.7 billion in annualized transaction volume
for the trailing 30 days as of the end of Q2, up 76% quarter-over-quarter, with 175 financial
institutions enrolled, up 29% quarter-over-quarter.
●​ Agentic Economy Momentum: After shipping payment infrastructure for agents in H1,
Circle launched Agent Stack in May 2026 — currently home to 900+ paid services — with
99.3% of x402 agent-payment volume settling in USDC. Circle will turn to a more fulsome
agentic product roadmap in H2 that includes enabling agents to earn.

“Our quarterly financial results reflect the current rate environment and a crypto market that has
slowed – both are conditions outside our network. But near-term activity tells a different story. We
received our federal trust bank charter; Arc is launching on public mainnet September 16th; we
launched the Agent Stack to put programmable money at the center of the agentic economy; and
the institutions using USDC today, like BlackRock, BNY, and Standard Chartered aren't piloting,
they are expanding," said Jeremy Allaire, Co-Founder, CEO, and Chairman at Circle. "We have
built the platform for the internet financial system – for traditional and digital finance, real-world
assets, and the institutions that move the world's capital. That trust is earned, not assumed, and it
took over a decade to build. We're only beginning to see what it unlocks."




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Key Financial Results and Operating Indicators
The following table presents our key financial results and operating indicators, as well as the
relevant GAAP measures, for the periods indicated:

YoY
Key Financial Results Q2 2026
Change
($ in millions unless noted otherwise)
Total Revenue and Reserve Income $701 7%
Revenue Less Distribution Costs(1) $289 15%
RLDC Margin(2) 41% 302bps
Net Income from Continuing Operations $48 n.m.
Net Income from Continuing Operations Margin(3) 7% n.m.
Adjusted EBITDA(4) $143 8%
Adjusted EBITDA Margin(4) 50% (329bps)


YoY
Key Operating Indicators Q2 2026
Change
($ in billions unless noted otherwise)
USDC in Circulation, end of period $73.3 19%
USDC in Circulation, average of period $76.5 25%
Reserve Return Rate 3.5% (66bps)
USDC on Platform, end of period $12.4 106%
USDC on Platform, daily weighted average percentage 19.5% 1,204bps
​ n.m. = not meaningful
(1)​ Revenue Less Distribution Costs (RLDC) is calculated as Total Revenue and Reserve Income less Total
Distribution, Transaction and Other Costs.
(2)​ RLDC Margin is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and
Other Costs as a percentage of Total Revenue and Reserve Income.
(3)​ Net Income from Continuing Operations Margin is calculated as Net Income from Continuing Operations /
Total Revenue and Reserve Income.
(4)​ Refer to Non-GAAP Financial Measures for further details and a reconciliation of the GAAP to non-GAAP
measures presented. Adjusted EBITDA Margin is calculated as Adjusted EBITDA (New Definition) / Total
Revenue and Reserve Income less Total Distribution, Transaction & Other Costs. See the Appendix for a
reconciliation.




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Second Quarter 2026 Financial Highlights and Operating Results
●​ Reserve Income of $668 million increased 5% year-over-year, primarily from the 25%
growth in average USDC in Circulation, partially offset by a 66 bps decline in the Reserve
Return Rate.
●​ Other Revenue of $34 million increased 41% year-over-year from growth in subscription
and services revenue.
●​ Total Distribution, Transaction and Other Costs of $412 million increased 1%
year-over-year, mostly from increased distribution payments.
●​ Operating Expenses of $254 million decreased 56% year-over-year, primarily due to
lower stock-based compensation expense following our IPO in Q2 2025.
●​ Adjusted Operating Expenses of $146 million increased 23% year-over-year, primarily
driven by continued investment in product development, infrastructure, and AI
capabilities.
●​ Net Income of $48 million increased $530 million year-over-year, primarily due to lower
stock-based compensation expense following our IPO in Q2 2025.
●​ Adjusted EBITDA of $143 million increased 8% year-over-year reflecting the revenue
growth from higher USDC in circulation, partially offset by increased investment in costs
related to new products.


Other Platform Metrics

YoY
Q2 2026
Change
(USDC related figures in $ billions; meaningful wallets in millions)
USDC Minted $83 97%
USDC Redeemed $87 113%
Stablecoin Market Share, end of period(1) 27% (66bps)
Meaningful Wallets, end of period(2) 7.0 24%

(1)​ Stablecoin market share is defined as the amount of USDC in circulation as a percentage of the total U.S. dollar fiat-backed
stablecoins with circulation above $100 million, according to CoinMarketCap, and that have established periodic public
attestations.
(2)​ Onchain digital asset wallets that hold more than $10 USDC.




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Guidance

To give investors insight into our business and expectations, management is providing guidance
on the following key performance indicators.

Key Indicator Period Previous Guidance Revised Guidance
USDC in Circulation Multi-year through cycle 40% CAGR 40% CAGR

Other Revenue FY 2026 $150-$170M $310-$330M(3)

RLDC Margin(1) FY 2026 38-40% 41.7-43.7%(3)

Adjusted Operating Expenses(2) FY 2026 $570-$585M $570-$585M

(1)​ Revenue Less Distribution Costs (RLDC) Margin is Total Revenue & Reserve Income less Total Distribution, Transaction &
Other Costs as a percentage of Total Revenue & Reserve Income.
(2)​ Adjusted Operating Expenses is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures for
further details and a reconciliation of the GAAP to non-GAAP measures presented.
(3)​ Includes recognized ARC Token presale revenue.


Conference Call and Livestream Information
Financial results and business highlights will be discussed during a livestream webcast event at 8
a.m. ET, hosted through Circle’s official channels on YouTube and X. An audio only version of the
livestream and all related materials will be hosted on Circle’s Investor Relations website at
https://investor.circle.com where a replay of the call and transcript will also be available shortly
following earnings.

In addition to filings with the Securities and Exchange Commission, Circle uses its Investor
Relations website (https://investor.circle.com), its blog (https://www.circle.com/blog), press
releases (https://www.circle.com/pressroom), public conference calls and webcasts, its X feed
(https://x.com/circle), its YouTube channel (https://www.youtube.com/@BuildOnCircle), and its
LinkedIn page (https://www.linkedin.com/company/circle-internet-financial) as a means of
disclosing material nonpublic information, announcing upcoming investor conferences and for
complying with its disclosure obligations under Regulation FD. Accordingly, investors should
monitor these sites in addition to following Circle’s SEC filings.


Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are
forward-looking statements. These statements include, but are not limited to, statements
regarding our future operating results and financial position; our plans with respect to the
anticipated future expenses and investments; expectations relating to certain of our key financial
and operating metrics; our business strategy and plans; expectations relating to legal and
regulatory proceedings; expectations relating to our industry, the regulatory environment, market



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conditions, trends and growth; expectations relating to customer behaviors and preferences; our
market position; potential market opportunities; and our objectives for future operations. The
words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,”
“could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify
forward-looking statements. Forward-looking statements are based on management’s
expectations, assumptions, and projections based on information available at the time the
statements were made. These forward-looking statements are subject to a number of risks,
uncertainties, and assumptions, including, but not limited to: intense and increasing competition
from new and existing issuers offering competing products, combined with the rise of
yield-bearing digital assets, including TMMFs, that are attractive to digital asset trading
participants, may reduce market demand and circulation of Circle stablecoins; stablecoins may
face periods of uncertainty, loss of trust, or systemic shocks resulting in the potential for rapid
redemption requests (or runs), and extreme scenarios, such as market shocks that affect the
value of USDC’s reserves or simultaneous requests to redeem all or substantially all USDC in
circulation, or concerns related to Circle stablecoin reserves, may lead to redemption delays and
USDC reserves being insufficient to meet all redemption requests; as a relatively new innovation,
stablecoins are particularly susceptible to operational challenges and risks, including due to
surges in demand; any negative publicity regarding stablecoins or the broader digital asset
industry may have an outsized negative effect on consumer confidence; the acceptance of Circle
stablecoins could be negatively impacted by disruptions in secondary marketplaces that facilitate
the purchase and sale of Circle stablecoins; the GENIUS Act will change the payment stablecoin
ecosystem and may affect our business in ways that cannot yet be known; the GENIUS Act
amends the U.S. federal securities laws to explicitly exclude from the definition of “security”
payment stablecoins issued by PPSIs, which will include USDC, however, until those amendments
are effective, we will continue to rely on our conclusion that USDC is not a security under the U.S.
federal securities laws; we hold a substantial amount of USDC reserves in the Circle Reserve
Fund and thus are subject to risks associated with the issuer, the manager, and the custodian of
the Circle Reserve Fund; any significant disruption in our or our third-party service providers’ or
partners’ technology could result in a loss of customers or funds and adversely impact our
business, results of operations, financial condition, and prospects; our customers’ funds and
digital assets may fail to be adequately safeguarded by us or the third-party service providers
upon whom we rely; our inability to maintain existing relationships with financial institutions and
similar firms or to enter into new such relationships could impact our ability to offer services to
customers; we are subject to credit risks in respect of counterparties, including banks and other
financial institutions; if we are unable to maintain existing distribution arrangements or enter into
additional distribution arrangements on less favorable financial terms, USDC and EURC in
circulation and Circle’s financial results may be adversely affected; Arc and the ARC Token
involve execution, market, and operational risk, including risks relating to launch timing,
ecosystem adoption in a competitive blockchain market, technology and cybersecurity
vulnerabilities, validator and governance dynamics, token price volatility, and the operational


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complexity of running the network and related treasury infrastructure; Arc and the ARC Token
present legal, regulatory, and structural risk, including uncertainty under securities and other
financial regulatory regimes, risks arising from token presale and distribution arrangements,
potential liability tied to third-party ecosystem participants, conflicts and governance issues
during any transition to decentralization, and possible repayment obligations if key launch
milestones are not achieved; our

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