CRCL
The short version: more coins, more cash
Circle just dropped its first-quarter 2026 results, and the headline is pretty simple: USDC keeps getting bigger, and the business is still converting that scale into meaningful revenue. USDC in circulation ended the quarter at $77.0 billion, up 28% from a year ago, while onchain transaction volume hit a jaw-dropping $21.5 trillion. That’s the kind of number that sounds fake until you realize it’s the entire point of the company.
The money part, because that’s why you’re here
Revenue and reserve income came in at $694 million, up 20% year over year. Net income from continuing operations slipped 15% to $55 million, which is the sort of line item that reminds you growth and profit are not the same thing, despite what every slide deck on earth tries to imply. Still, adjusted EBITDA rose 24% to $151 million, which suggests the core engine is getting more efficient even as the company scales.
Why investors should care
Circle is basically trying to answer one giant question: can a stablecoin company be more than a crypto side quest? This quarter says the answer is looking more like “yes, maybe.” Bigger USDC circulation means more reserve income potential, more network usage, and more evidence that the token has stuck around as real financial plumbing instead of just a trading toy.
Big picture
The bear case on Circle has always been that stablecoins are flashy but fragile. The bull case is that if USDC keeps gaining circulation and transaction flow, Circle gets to act like the tollbooth on a very busy digital highway. This quarter won’t silence the skeptics, but it does give the bulls a pretty sturdy receipt.