Circle reported $701 million in revenue, with nearly $620 million from interest on reserves and just $81 million in fee income, underscoring 88 percent reliance on Treasury yields rather than platform fees. On-chain volume surged 151 percent year-over-year to $163 billion daily, and the CPN payments network doubled its annualized run rate to $23 billion, yet USDC circulation grew only 20 percent to $73.3 billion, signaling faster movement than accumulation. Management highlighted regulatory moats via OCC and New York trust charters plus BlackRock and DTCC backing for the September 16 Arc Mainnet launch, though skeptics argue competition from Tether and bank-issued tokens could erode the middleman role.

Company: Circle Internet Group (CRCL) — Q2 FY2026

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