Circle Q1 Revenue Rises as USDC Transaction Volume Jumps 263%

USDC Growth Drives Circle Revenue and Reserve Income

Circle Internet Group Inc. (NYSE: CRCL) announced on May 11 its first-quarter 2026 results, led by higher revenue and a sharp rise in USDC activity. Total revenue and reserve income reached $694 million, up 20% year over year. USDC onchain transaction volume jumped 263% year over year to $21.5 trillion, while USDC in circulation rose 28% to $77 billion at quarter end.

Quarterly performance reflected growth across Circle’s reserve income, network activity, and payments infrastructure. Reserve income totaled $653 million, supported by higher average USDC circulation. Other revenue reached $42 million, driven by subscription, services, and transaction activity. Total revenue and reserve income rose 20% from a year earlier, but declined from $770 million in Q4 2025 to $694 million in Q1 2026. Adjusted EBITDA increased 24% to $151 million.

Circle explained that USDC onchain transaction volume includes native and canonically bridged USDC processed across supported blockchains, excluding Solana. The company stated:

“USDC in circulation of $77.0 billion at quarter end grew 28%; USDC onchain transaction volume in Q1’26 of $21.5 trillion grew 263%.”

Product activity during the quarter extended beyond core USDC metrics. Circle completed a $222 million ARC Token presale at a $3 billion fully diluted network valuation. Investors in the consortium included a16z crypto, Apollo Funds, Blackrock, and ARK Invest. The company also advanced products tied to AI-driven financial infrastructure.

Stablecoin Payments and AI Tools Support Circle Expansion

April rollouts included Circle CLI, Agent Wallets, and an Agent Marketplace for AI-powered transactions using USDC across blockchain and payment systems. Managed Payments also launched for financial institutions seeking stablecoin settlement tools without directly managing digital assets.

Commercial integrations added another layer to Circle’s first-quarter activity. Kyriba integrated USDC capabilities into treasury systems built for continuous liquidity management. Polymarket continued using USDC as its primary collateral and settlement asset. Circle also said USDC represented 63% of stablecoin transaction volume during the quarter based on Visa Onchain Analytics data.

Market-making repricing activity on Aerodrome accounted for roughly $9 trillion of the $9.6 trillion quarter-over-quarter increase in USDC onchain transaction volume, Circle said. CEO Jeremy Allaire stated:

“Circle’s first quarter reflected strong execution against a much bigger opportunity: the rapid convergence of AI platforms and economic operating systems into a new internet stack.”