Українська
Русский
English
Circle’s Q1 Revenue Grew as USDC Transaction Volume Surged 263%
Circle reported higher revenue and reserve income in the first quarter amid a sharp increase in $USDC activity across its network. Total revenue and reserve income reached $694 million, up 20% year-over-year, while on-chain $USDC transaction volume surged 263% to $21.5 trillion.
Key Takeaways
- Circle’s revenue increased 20% as $USDC transaction volume grew 263% year-over-year.
- Reserve income reached $653 million due to higher average $USDC circulation.
- Arc-related activity, AI tools, and payment integrations could become major future revenue drivers.
USDC Growth Drives Circle’s Revenue and Reserve Income
On May 11, Circle Internet Group Inc. (NYSE: CRCL) released its Q1 2026 financial results, highlighting strong revenue growth and a significant increase in $USDC network activity.
Total revenue and reserve income reached $694 million, representing a 20% increase compared to the same period last year. On-chain $USDC transaction volume rose 263% year-over-year to $21.5 trillion, while circulating $USDC supply increased 28% to $77 billion by the end of the quarter.
The quarterly results reflected growth in reserve income, network activity, and Circle’s payment infrastructure operations.
Reserve income reached $653 million, driven by a higher average amount of $USDC in circulation. Other revenue totaled $42 million, supported by subscriptions, services, and transaction activity.
Despite strong annual growth, total revenue and reserve income declined sequentially from $770 million in Q4 2025 to $694 million in Q1 2026.
Adjusted EBITDA increased 24% to $151 million.
Circle clarified that its on-chain $USDC transaction volume includes native and canonically bridged $USDC processed across supported blockchains, excluding Solana.
“Circulating $USDC supply reached $77 billion at quarter-end, up 28%, while Q1 2026 on-chain $USDC transaction volume totaled $21.5 trillion, increasing 263% year-over-year,” the company stated.
Stablecoin Payments and AI Infrastructure Support Expansion
Circle’s product activity extended beyond core $USDC metrics.
The company completed a $222 million ARC token presale at a fully diluted network valuation of $3 billion. Investors included a16z crypto, Apollo Funds, BlackRock, and ARK Invest.
Circle also continued expanding products related to AI-powered financial infrastructure.
In April, the company launched Circle CLI, Agent Wallets, and Agent Marketplace to support AI-driven transactions using on-chain $USDC and payment systems.
Circle also introduced Managed Payments, a service designed for financial institutions seeking stablecoin settlement tools without directly managing digital assets.
Integrations and New Partnerships
Commercial integrations became another key component of Circle’s first-quarter activity.
Kyriba integrated $USDC capabilities into its treasury systems designed for continuous liquidity management.
Polymarket continued using $USDC as its primary collateral and settlement asset.
Circle also reported that, according to Visa Onchain Analytics, $USDC accounted for 63% of all stablecoin transaction volume during the quarter.
According to the company, market-making rebalancing activity on Aerodrome generated approximately $9 trillion of the $9.6 trillion quarterly increase in on-chain $USDC transaction volume.
Circle CEO Jeremy Allaire stated:
“Circle’s first quarter reflected successful execution on a much larger opportunity — the rapid convergence of AI platforms and economic operating systems into a new internet stack.”
See also: "Senate Banking Committee Releases New Version of the CLARITY Act"
