Circle reports $701 million in Q2 revenue and reserve income

Reserve earnings remain central as payment-network activity expands.

Capvise MediaEvent 5 Aug 2026Published 15 Oct 20261 min read

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The quarter in numbers

Circle reported second-quarter revenue and reserve income of $701 million on 5 August, up 7% year on year. USDC circulation was $73.3 billion at quarter end. Net income from continuing operations reached $48 million; the sharp comparison with the previous year reflected lower IPO-related stock-compensation expense.

Reading the operating measures

Circle separately reported $14.7 billion in annualised Circle Payments Network volume, based on the trailing 30 days at quarter end, and 175 enrolled financial institutions. Annualising a short period is not the same as reporting a full year of completed payments. Reserve income was $668 million, while other revenue was $34 million. The results show both the scale of reserve earnings and the smaller service businesses developing around them.