Circle Q1 Revenue Rises as USDC Transaction Volume Jumps 263%

Quarterly performance reflected growth across Circle’s reserve income, network activity, and payments infrastructure. Reserve income totaled $653 million, supported by higher average USDC circulation. Other revenue reached $42 million, driven by subscription, services, and transaction activity. Total revenue and reserve income rose 20% from a year earlier, but declined from $770 million in Q4 2025 to $694 million in Q1 2026. Adjusted EBITDA increased 24% to $151 million.

“Circle’s first quarter reflected strong execution against a much bigger opportunity: the rapid convergence of AI platforms and economic operating systems into a new internet stack.”