Circle reports USDC circulation growth in Q1 results
Circle reported Q1 2026 results that showed USDC scale growing faster than reported earnings. At quarter end, Circle said USDC in circulation reached $77.0 billion, up 28% year over year, while Q1 onchain USDC transaction volume reached $21.5 trillion, up 263%. Total revenue and reserve income rose 20% to $694 million, but net income from continuing operations fell 15% to $55 million as operating expenses and distribution, transaction, and other costs increased. Circle also reported $151 million of adjusted EBITDA, up 24%, and said reserve income rose despite a lower reserve return rate because average USDC in circulation was higher.
- Source trust
- Primary source
- Coverage
- 1 source
- Source age
- Source date unavailable
- Added to TxFlows
- 2026-06-12 15:35 UTC
- As of
- 2026-07-17 00:48 UTC
What happened
- Circle announced Q1 2026 results on May 11, 2026.
- USDC in circulation was $77.0 billion at quarter end, which Circle reported as 28% year-over-year growth.
- Q1 2026 onchain USDC transaction volume was $21.5 trillion, which Circle reported as 263% year-over-year growth.
- Total revenue and reserve income rose to $694 million, while net income from continuing operations fell to $55 million.
- Circle said reserve income increased to $653 million, helped by higher average USDC in circulation and partly offset by a lower reserve return rate.
Why it matters for stablecoins
For TxFlows readers, the useful signal is the relationship between stablecoin float, reserve yield, and distribution cost. Circle reported a larger USDC circulation base and much higher activity, but the business still depends heavily on reserve income and the cost of distributing that yield-bearing float.
Timeline
March 31, 2026
Quarter-end metrics captured for USDC circulation and trailing activity.
April 2026
Circle expanded payment products with Managed Payments.
May 11, 2026
Circle announced Q1 2026 results.
Sources
This event appears in Market & Issuer Moves because 1 public source support the summary. TxFlows classifies the evidence as issuer and primary document, with a primary source trust tier. Publisher links are shown only when the URL is safe to expose.
Compiled from the public source documents and reporting listed below.
Primary documents
- Issuer releasePrimary source
Circle reports first quarter 2026 results
Issuer / Primary document