Overview
- Circle reported second-quarter results on Aug. 5, 2026, showing adjusted EPS of $0.18, revenue and reserve income of about $701 million, adjusted EBITDA of $143 million, and USDC circulation of roughly $73.3 billion.
- The yield on assets backing USDC fell about 66 basis points to roughly 3.5%, which limited reserve income growth and helped drive a revenue miss versus some forecasts despite rising USDC volume.
- Regulatory progress strengthened the company’s footing after it won a federal OCC national trust bank charter and a New York limited‑purpose trust charter, moves that support custody and institutional services.
- Circle detailed institutional support for Arc, naming founding validators including BlackRock, Visa, Mastercard and DTCC and setting a Sept. 16, 2026 public mainnet date, which initially lifted investor optimism.
- Wall Street is sharply divided—Morgan Stanley downgraded Circle to Underweight with a $38 target while TD Cowen started coverage at Buy with an $82 target—leaving CRCL volatile as markets watch USDC supply, reserve yields and fee‑based revenue growth.