Driven by USDC, Circle returns to profit in the second quarter
Circle generated $701 million in revenue in the second quarter of 2026. This year-on-year growth of 7% is based primarily on the expansion of USDC. The stablecoin is circulating more and processing far more transactions, although falling interest rates gradually reduce the yield on reserves.
Circle generates $701 million in revenue in the second quarter of 2026.
USDC transaction volume jumps 151% to $14.8 trillion.
The decline in reserve yields remains the group’s main risk.
USDC remains Circle’s main financial engine
Circle’s economic model still depends largely on the assets backing USDC’s parity. This dependence explains why the company is working to strengthen its regulatory status with its dedicated trust bank project for USDC. In the second quarter, revenue derived from reserves reached $668 million, accounting for more than 95% of the total reported.
These revenues increase by 5% year over year. The increase comes mainly from a 25% rise in the average USDC balance, which stands at $76.5 billion. At the end of the quarter, $73.3 billion worth of USDC remained in circulation, up 19% year over year.
This growth has been slowed by the decline in reserve yields. These fell to 3.5%, down 66 basis points. As a result, Circle earns more thanks to the higher number of USDC in circulation, but each dollar invested in its reserves generates less than a year ago.
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