Circle reported second-quarter revenue of $701 million, up 7 percent year-over-year, as its USDC stablecoin circulation expanded 19 percent to $73.3 billion, according to the company's earnings announcement.
On-chain volume handled by Circle climbed 151 percent to $14.8 trillion in the quarter. The stablecoin operator has built its revenue model around transaction fees and other services tied to USDC adoption and circulation velocity, making the growth in both metrics a direct indicator of the business's scaling.
Circle operates one of two major dollar-backed stablecoins in widespread use, alongside Tether's USDT. USDC's $73.3 billion circulation represents roughly 19 percent of the combined stablecoin market by on-chain volume. The stablecoin sector has become a core settlement layer for institutional trading, derivatives exchanges, and cross-border payments, with total stablecoin circulation now exceeding $150 billion across all issuers.
The announcement did not specify the dollar amount of USDC-related revenue or break out margins by business line. Circle previously disclosed that transaction fees on USDC transfers and Circle Payments, its enterprise settlement service, represent the largest portion of quarterly revenue.
The company has been expanding USDC to blockchain networks beyond Ethereum, Solana, and Polygon, including chains like Arbitrum and Optimism that serve as scaling layers for Ethereum. That distribution strategy has accelerated USDC adoption in decentralized finance and trading venues where transaction costs and settlement speed matter most to users.
Revenue growth of 7 percent year-over-year occurred alongside 19 percent expansion in USDC circulation, with the on-chain volume surge of 151 percent year-over-year outpacing both figures.
The number that moves markets is whether Circle can sustain the 151 percent year-over-year surge in on-chain volume into Q3 2026 or whether that figure represents a seasonal peak driven by summer trading volatility.
