Circle Internet Group misses first quarter 2026 revenue but beats EPS as USDC circulation grows 28% to $77 billion.

Circle Internet Group reported first quarter revenue of $694 million, a 20% year-over-year increase, but missed analyst estimates. Diluted earnings per share of $0.21 surpassed expectations. The growth was primarily driven by a significant increase in USDC circulation and transaction volume.

Key Highlights

• USDC in circulation reached $77.0 billion at the end of the quarter, an increase of 28% year-over-year, while on-chain transaction volume surged 263%.
• Adjusted EBITDA grew 24% to $151 million; however, net income from continuing operations declined 15% to $55 million, attributed to higher operating expenses from stock-based compensation and infrastructure investments.
• The company announced a $222 million presale for its new ARC token at a fully diluted network valuation of $3 billion, led by a16z crypto.