Sell Circle (CRCL). The core driver is falling USDC supply and lower US yields, which directly compresses Circle’s interest income and growth expectations. Arc TVL is also sliding (momentum fading), and the stock is below the 50-day and key technical levels—bearish setup with limited near-term catalysts. Key risk: USDC supply stabilizes and yields re-accelerate, forcing analysts to raise revenue/interest-income guidance and triggering a sustained stock rebound.
Key Risk: USDC supply stops falling and yields rise again, reversing revenue pressure and sparking a durable CRCL rally.
USDC supply weakness
Sell USDC exposure via shorting USDC-linked crypto beta (e.g., short USDC/USDT on major venues or use a USDC-pegged stablecoin ETF/ETN if available). The article shows USDC market cap down from ~$80B YTD high and Arc stablecoin growth lagging—second-order pressure is less liquidity and weaker on-chain activity, which tends to hit stablecoin demand and trading volumes. Key risk: a major catalyst boosts USDC issuance (regulatory clarity, large issuer expansion, or renewed DeFi demand), pushing USDC market cap back up.
Key Risk: A catalyst drives a new wave of USDC issuance and stablecoin demand, lifting USDC market cap and liquidity.
Circle Internet stock has remained under pressure in the past few months as the company faces substantial headwinds. It ended last week at $82.22, down by 42% from its highest level this year. This weakness has coincided with the falling US bond yields, USDC supply, and the fading Arc momentum.
There are signs that the USDC demand is falling this month. CoinMarketCap data shows that the market cap of the stablecoin has slumped to $72.4 billion from $76 billion in September. It has dropped from the year-to-date high of $80 billion.
Circle Internet is affected by the ongoing USDC supply because of its business model, which revolves around its supply. The company invests most of its USDC reserves in short-term government bonds. It uses these investments to generate a return, which depends on yields.
Data shows that US bond yields have reversed in the past few days, even though analysts expect the upward trend to continue. The three-month yield has dropped to 4.17% from this month’s high of 4.2%. As such, these numbers mean that the company’s revenue will be modest.
Yahoo Finance data show that analysts expect Circle’s revenue growth will be relatively modest. The average estimate is that its third-quarter revenue will come in at $785 million, up by 6.25% from a year earlier. For the year, the revenue is expected to be $3.02 billion, up by 9.8% from a year earlier.
Circle Internet Group has also faced more challenges, especially in its recently launched Arc layer-1 blockchain. Data compiled by DeFi Llama shows that the total value locked (TVL) on Arc has dropped to $525 million from the all-time high of $566 million. The biggest dApps in the protocol are Morpho Blue, Aave V4, Galaxy Curation, and Keyrock.
Arc’s stablecoin supply is also not growing as quickly as was initially expected. It has $666 million in stablecoin supply, with USDC having the biggest market share. This growth is substantially slower than that of Robinhood Chain, which has become one of the fastest-growing chains in the crypto industry.
Meanwhile, Circle is also being affected by the ongoing performance of the crypto industry, where Bitcoin and most altcoins have fallen. Bitcoin has dropped to $80,000, while demand for other tokens has fallen.
CRCL stock chart | Source: TradingView
The daily chart shows that the CRCL stock has dropped to $82.2 from a high of $103 in September. It has fallen below the 50-day moving average and the strong, pivot, reverse level of the Murrey Math Lines tool.
On the positive side, the stock has formed a bullish flag pattern, which is made up of a vertical line and a descending channel pattern. Therefore, there is a possibility that the stock will bounce back, potentially to the psychological level of $100. A move above that level will point to more gains towards the extreme overshoot level of $112. On the other hand, a drop below the Major S/R pivot point of $75 will invalidate the bullish outlook.
Circle plánuje vstoupit na zhruba 40 rozvíjejících se trhů; expanzi podpořila akvizice Tazapay za 400 milionů USD a investice Binance ve výši 100 milionů USD.
Stablecoin issuer Circle (CRCL.N) is making a major push to enter about 40 emerging and developing countries around the world as blockchain adoption is expected to scale up significantly, the company's CEO and chairman Jeremy Allaire told Reuters.
"We're kind of going through an inflection point...a transition right now, and that transition is essentially moving from the early adopter phase of blockchain technology into the mainstream scaling phase," said Allaire, who is also co-founder of the New York-listed company. He was speaking on the sidelines of the IMF and World Bank meetings in Bangkok.
Markers in regions like Southeast Asia, Latin America, Africa and the Middle East are seeing rising organic demand for stablecoins and digital utility from individual and businesses wanting to part of an internet-based economic system, Allaire said.
Circle, the world’s largest regulated stablecoin issuer, is accelerating its global expansion, backed by a $400 million acquisition of Tazapay and a $100 million strategic investment from Binance.
It holds roughly 25% of the global stablecoin market share, while rival USDT, which is issued by Tether, commands nearly 60%. Stablecoins are cryptocurrencies designed to have a stable value relative to traditional cyrptos.
Their increasing adoption is being driven by clearer regulatory frameworks, such as the U.S. Genius Act which is slated to take effect next January. Circle in July became one of the first stablecoin issuers to hold a federal bank charter.
"When the Genius Act goes into law, the world will have legal digital dollars...That is a watershed moment," Allaire said.
Circle's U.S. dollar-backed stablecoin USDC saw a 19% year-over-year rise in circulation to $73.3 billion in the second quarter this year.
Banking coalitions in the U.S. and European markets are moving rapidly to develop and deploy their own stablecoins and digital asset solutions, which Allaire said was a sign of a healthy and competitive market.
"There's a very, very long time where the banking industry fought successfully to keep other people out, and I think they are no longer in charge, and the innovators are having their day," he said.
Major financial institutions and payment firms are moving past pilot programs to embed stablecoins for cross-border settlements and asset transfers. Circle offers on-chain infrastructure via its Arc operating system, which has been adopted by firms including BlackRock (BLK.N), Visa (V.N) and Standard Chartered (STAN.L).
A surge in machine-to-machine transactions among AI agents has also propelled USDC use, Allaire said. They execute fractions-of-a-cent payments when doing web research or scraping real-time data.
The executive also warned that the rapid expansion of AI brings heightened security vulnerabilities, noting that financial infrastructure providers face escalating threats from sophisticated actors and automated agent swarms.
"If you're not concerned about it, then your head is in the sand, right?” he said.
NEW YORK--(BUSINESS WIRE)--Circle Internet Group, Inc. (NYSE: CRCL) will report its financial results for the third quarter 2026 on Wednesday, November 4.
A live video webcast will be held at 8 a.m. ET to discuss financial results and business highlights. The webcast will be available through Circle’s official YouTube and X channels.
Access to all related materials and links, including a replay and transcript following the event, will be available at circle.com/investors.
During the webcast, management will address a selection of shareholder questions submitted in advance via Say Technologies Q&A platform. The platform will open October 28, 2026 at 9 a.m. ET and close November 3, 2026 at 9 a.m. ET.
Disclosure Information
In addition to filings with the Securities and Exchange Commission (SEC), Circle uses its Investor Relations website (https://investor.circle.com), its blog (https://www.circle.com/blog), press releases (https://www.circle.com/pressroom), public conference calls and webcasts, including through its YouTube channel (https://www.youtube.com/@BuildOnCircle), its X feed (https://x.com/circle), and its LinkedIn page (https://www.linkedin.com/company/circle-internet-financial) as a means of disclosing material nonpublic information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these sites in addition to following Circle’s SEC filings.
About Circle Internet Group, Inc.
Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications. Circle’s platform includes the world’s largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation.
Tereina, an SAP-Backed Company, and Circle Bring USDC and EURC into Enterprise Workflows, Starting with the SAP Ecosystem Behind 84% of Global Commerce Tereina, an SAP-backed financial services company built to embed agentic payments directly into the business applications enterprises already run, and Circle Internet Group (Circle) NYSE:CRCL, one of the world’s leading internet financial platform companies and the issuer of USDC and EURC1 through its regulated entities, today announced a partnership to integrate USDC and EURC into Tereina’s payments infrastructure, starting with SAP Cloud ERP.
The collaboration is designed to make stablecoin-powered payments easier for enterprises to adopt by bringing USDC and EURC into existing business applications and financial workflows. Rather than requiring finance teams to introduce separate systems for stablecoin payments, the integration will provide eligible businesses with a path to access Circle's stablecoin infrastructure from environments they already use.
For eligible USD-denominated payment workflows, USDC will serve as the preferred stablecoin, while EURC will provide an option for euro-denominated activity. Together, they give participating businesses additional choice in how they move and settle value, with access to blockchain-based settlement and new options for managing global payments and treasury operations.
Through this partnership with Tereina, Circle's USDC and EURC integration is available to SAP customers via SAP Pay, addressing an ecosystem that generates 84% of global commerce and bringing digital currency infrastructure into an established enterprise payments environment at significant scale, without requiring businesses to replace the applications at the center of their existing operations.
Over the coming months, Tereina and Circle plan to conduct joint proof-of-value programs with customers, train treasury and payments specialists and work with ecosystem partners to incorporate stablecoin-enabled payments into broader enterprise transformation initiatives. The companies also intend to develop insights around real-world enterprise stablecoin adoption as implementations progress.
"Stablecoins are increasingly becoming a core infrastructure layer for global commerce. Working with Tereina to bring USDC and EURC into the applications that enterprises already use is an important step toward making internet-native money easier to integrate into everyday business operations. By connecting Circle's infrastructure with Tereina’s enterprise payment workflows, we can help businesses realize the benefits of faster, more programmable and more globally accessible money movement." - Jeremy Allaire, Co-Founder, Chairman and CEO of Circle
"Tereina is built on the core belief that the future of financial services is agentic, embedded, and digital. This partnership with Circle makes it easy to move into the future without changing how businesses already operate — stablecoin payments become a native feature of the applications they already trust." — Cedric Bru, CEO, Tereina
About Tereina
Tereina is a financial services provider built to embed agentic capabilities in businesses' applications and processes payments across traditional and digital rails. Backed by SAP and led by CEO Cedric Bru, Tereina is EPIC: Embedded Payments to Ignite Commerce. For more information, visit www.tereina.com.
About Circle
Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications. Circle’s platform includes the world’s largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com.
____________________
1USDC and EURC are issued by regulated affiliates of Circle. See Circle’s list of regulatory authorizations at circle.com/legal/licenses.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261007669028/en/
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Circle rozšiřuje USDC pro platební a settlement workflow v rámci spolupráce s Volante Technologies. Klienti Volante si mohou testovat minting, redemption, funding, registraci peněženky, notifikace i platby mezi peněženkami v rámci stávající bankovní infrastruktury.
Key Takeaways Circle is bringing USDC payment and settlement workflows to Volante's AI-powered platform.Volante clients can test USDC minting, redemption, funding and wallet-to-wallet payments.The collaboration could ease stablecoin adoption while preserving existing bank controls and governance. Circle Internet Group (CRCL - Free Report) is expanding its push into institutional stablecoin payments through a strategic collaboration with Volante Technologies. The partnership will bring USDC payment and settlement workflows to Volante’s AI-powered Payments Platform, enabling financial institutions to evaluate stablecoin payments and settlement without building a separate digital-asset stack.
Volante clients will be able to test workflows including USDC minting and redemption, beneficiary wallet registration, funding, notifications and wallet-to-wallet payment execution within the same infrastructure they already use for traditional payments. The potential reach is significant, as Volante’s customers include four of the top five global corporate banks and seven of the top 10 U.S. banks.
The collaboration is intended to position stablecoins as an additional payment rail rather than requiring banks to operate a separate digital-asset system. This could reduce the operational barriers to testing USDC while allowing institutions to retain their existing governance frameworks, controls and on- and off-ramp requirements. Volante said the companies expect to explore further collaboration involving Circle Mint, potential joint go-to-market opportunities and USDC via Volante.
For Circle, the partnership adds another route to expand USDC’s use in mainstream financial infrastructure. That effort comes as USDC network activity continues to expand. USDC in circulation reached $73.3 billion at the end of second-quarter 2026, up 19% year over year, while quarterly on-chain transaction volume surged 151% to $14.8 trillion.
Stablecoin-based payments are also gaining traction across Circle’s broader payments network. Circle Payments Network reached $14.7 billion in annualized transaction volume at the end of the second quarter, up 76% sequentially, while the number of enrolled financial institutions increased 29% to 175. The company has also partnered with firms such as Nium to connect USDC settlement with local-currency payouts across more than 190 countries.
Circle’s infrastructure is increasingly geared toward faster institutional settlement. Its USDC network spans 35 blockchain networks and offers 756 Cross-Chain Transfer Protocol routes. In the second quarter of 2026, daily on-chain transaction volume reached $163 billion, up 151% year over year, while daily minting and redemptions reached $1.9 billion, up 105%.
ConclusionThe Volante deal could help Circle move USDC further into the payment systems banks already use. By combining Volante’s established banking infrastructure with Circle’s stablecoin network, the collaboration creates a practical path for financial institutions to evaluate stablecoin-based payments and settlement while potentially expanding their use over time.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have rallied 36.7% compared with the industry's growth of 0.4%.
Image Source: Zacks Investment Research
Stocks to ConsiderSome better-ranked stocks from the Zacks Financial-Miscellaneous Services sector are Bread Financial (BFH - Free Report) and Axos Financial (AX - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
The Zacks Consensus Estimate for BFH’s 2026 earnings per share (EPS) has moved 2 cents northward to $12.12 over the past month.
The consensus estimate for AX’s fiscal 2027 EPS has moved up 5 cents to $9.64 over the past two months.
Circle Internet Group oznámila odchod CFO Jeremyho Foxe-Geena po více než pěti letech ve funkci. Akcie CRCL po oznámení klesly, zatímco firma dál čelí opakovaným výpadkům tržeb.
Circle Internet Group CRCL has seen its stock decline following the announcement that CFO Jeremy Fox-Geen will step down after over five years in the role. This transition raises concerns about financial leadership as the company has experienced consecutive revenue shortfalls. Fox-Geen will remain until December 2026 unless a successor is found sooner, and CRCL has engaged an executive-search firm to assist in this process.
Fox-Geen played a crucial role in establishing CRCL's finance organization and successfully navigating its $1.2 billion IPO. His departure emphasizes the need for continuity in forecasting, capital allocation, and investor relations. The planned transition period and Fox-Geen's intention to take a break before his next role help alleviate worries about immediate operational issues. CRCL's new partnership with Volante Technologies aims to enhance banks' ability to test USDC within existing payment systems. While this collaboration does not yet involve a production deployment or financial terms, it could potentially create a valuable distribution channel for CRCL, as Volante serves four of the top five global corporate banks and seven of the top ten U.S. banks. The collaboration will allow banks to test various functionalities, including minting, redemption, and wallet-to-wallet payments. Although this initiative could lower barriers to adoption, further developments involving Circle Mint and joint marketing efforts are still in progress. In Q2, USDC circulation reached $73.3 billion, reflecting a 19% year-over-year increase, while quarterly on-chain transaction volume surged by 151% to $14.8 trillion. Despite this growing usage, consistent revenue outperformance has yet to materialize.The transition of the CFO introduces execution risks to an investment case focused on converting rapid USDC adoption into sustainable revenue growth. While Fox-Geen's extended handoff period provides some stability, the collaborations with Volante, Arc, and Binance are pivotal for expanding CRCL's reach. However, declining reserve yields could counterbalance circulation growth, and the partnership with Volante remains an evaluation framework rather than a guarantee of transaction volume. CRCL must secure a capable CFO successor to manage rate sensitivity, partner economics, platform investments, and revenue diversification. Key indicators to watch include Volante clients moving into production, sustained USDC circulation growth, increasing non-reserve revenue, Arc activity, and improved top-line conversion.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.
Circle uvedla, že její nová blockchainová síť Arc je největším spuštěním platformy a za první týden se přiblížila hodnotě 1 mld. USD. Arc zároveň vygenerovala zhruba 500 000 USD na poplatcích v USDC.
Crypto Bill Stalls, Smart Money Calls: Time to Buy the Dip?Circle Internet Group NYSE: CRCL Chief Executive Officer Jeremy Allaire said the company’s newly launched Arc blockchain network represents its largest platform launch to date, with the potential to become an economic operating system for internet-based financial activity.
Speaking at the 11th Annual Future of Commerce Conference hosted by Autonomous Research, Allaire said Arc Mainnet had gone live one week earlier and was approaching $1 billion in value on the network. He described the early deployment as among the fastest capital inflows seen following a blockchain launch, while cautioning that the first week remains an early measure of the network’s prospects.
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Arc Launch and Revenue Opportunities Blueprint for a Boom: SEC Clears the Crypto RunwayAllaire said Arc is operated by a group of financial infrastructure companies rather than Circle alone, naming Visa, Mastercard, the Depository Trust & Clearing Corp., BlackRock, global systemically important banks and digital-asset firms among its stakeholders. He said the network was designed to meet regulated financial-sector requirements, including those of central banks and securities-market regulators.
According to Allaire, Arc generated roughly $500,000 in USDC transaction fees during its first week. Circle holds a 25% stake in the network, he said, and expects its ownership interest to generate economic rewards based on network activity. He also cited potential fee income from services and protocols built on top of Arc, as well as future staking rewards once the network moves to proof of stake.
Blueprint for a Banking Fortress: Circle Redraws the MapAllaire said tokenized securities and other assets launched on Arc could support demand for USDC because purchases, redemptions, trading and collateral activity would be conducted using the stablecoin. He also pointed to potential lending, credit and interest-rate markets involving tokenized assets as another possible source of USDC demand.
Circle is focused on transaction-volume growth, assets deployed on Arc, liquidity and capital-markets activity. Allaire said major exchanges, wallets, custodians, market makers and applications were integrated with Arc at launch. He said the company views Arc adoption, USDC adoption and payment activity as connected business flywheels. Tazapay Deal Targets Emerging-Market Payments Allaire also discussed Circle’s proposed acquisition of Tazapay, a payments infrastructure company with more than 60 partners and reach across roughly 100 payout markets, according to the conference moderator. He said the transaction is intended to strengthen Circle Payments Network, or CPN, particularly for emerging-market and Asia-focused payment flows.
He said Tazapay has developed relationships with financial institutions, licenses and operational capabilities in markets where Circle sees growing demand for payment infrastructure. The acquisition has not closed and remains subject to closing conditions, including regulatory approval and change-of-control reviews, Allaire said.
Circle plans to provide additional detail on the transaction’s financial and operating impact after it closes, he added.
2027 Seen as Potential Stablecoin Inflection Point Allaire said interest in stablecoins has broadened among banks, capital-markets firms, securities issuers, payments companies, technology companies and commerce businesses. He identified Jan. 17, 2027, when the GENIUS Act is expected to become effective, as a key milestone for the development of regulated digital dollars.
He said the anticipated implementation of accounting rules classifying qualifying stablecoins as cash and cash equivalents could enable public companies and financial institutions to hold and report them more easily. Allaire also cited Circle’s plans for a national trust bank as part of its effort to serve banks, capital-markets participants and corporations.
While USDC transaction volume has increased even as circulation has been relatively stable, Allaire said stablecoin velocity may be higher than that of traditional bank money or physical cash because the cost of moving and storing value is low. He said digital dollars could increasingly be used as working capital and payment money.
Distribution Strategy and Binance Partnership Allaire said Circle continues to use distribution agreements to expand USDC circulation and utility, describing stablecoins as a “winner-take-most” market with significant liquidity and network effects. He said Circle’s strategy is to partner with large platforms while seeking to grow what it calls unincentivized USDC circulation over time.
He pointed to an expanded five-year agreement with Binance, which included a $100 million investment in Circle. Allaire said Circle sees an opportunity to gain share on Binance, where he estimated there is nearly $30 billion of Tether held today. He described Binance as a global financial “super app” with nearly 400 million users and substantial adoption in emerging markets.
Allaire said distribution economics can reduce margins in some arrangements but may help build broader USDC utility beyond individual partner platforms. He added that USDC used through Circle’s own infrastructure can generate income for the company, though on-platform activity does not necessarily mean all economics flow directly to Circle.
AI Payments and Interoperability On artificial intelligence, Allaire said Circle is investing in agentic economic infrastructure and expects AI agents to mediate a growing share of internet financial-system transaction volume. He highlighted the x402 payment standard, developed with other industry participants, as a protocol for AI systems to make and receive payments.
Circle is a founding member of an open-source consortium administered by the Linux Foundation alongside companies including Amazon, Cloudflare and Coinbase, he said. Allaire said that, as of the prior week, 99.6% of x402 transactions were conducted in USDC.
He also said Circle’s interoperability protocol, CCTP, accounts for a majority of traffic between blockchains. The company introduced CCTPx with the Arc launch, allowing other token issuers to use its interoperability infrastructure across more than 20 networks, according to Allaire.
About Circle Internet Group (NYSE:CRCL)Circle Internet Group, Inc is a global financial technology company focused on digital currency and blockchain infrastructure. The company is best known as the issuer of USD Coin (USDC), a dollar-denominated stablecoin designed to maintain a consistent value and facilitate digital payments, trading, and transfers on blockchain networks. Circle also issues EURC, a euro-denominated stablecoin.
Circle provides products and services for businesses, financial institutions, developers, and digital-asset platforms.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Circle (CRCL.N) said on Tuesday that Binance has purchased a $100 million stake in the stablecoin issuer, deepening the crypto exchange's ties with the company behind USDC, a major dollar-pegged token.
Circle shares were last up nearly 2% in premarket trading.
Here are more details:
Circle disclosed in a regulatory filing that on September 17, it issued and sold roughly 1.24 million shares to Binance at a purchase price of $80.84 per share.
Circle is the issuer of USDC, a dollar-pegged stablecoin with a market capitalization of nearly $75 billion, according to CoinMarketCap data.
Stablecoins are digital tokens designed to maintain a stable value, typically pegged to currencies such as the US dollar. They have grown popular as a faster way to move money across crypto markets and are increasingly being used for payments.
The expanded commercial arrangement has a five-year term, although either Circle or Binance can terminate it early under certain specified circumstances.
"Under the arrangements, we agreed to pay Binance a monthly incentive fee," Circle said.
The company added that Binance has agreed to undertake certain other activities to promote USDC on its platform.
Shares of Circle are up roughly 19% so far this year, giving it a market cap of about $24 billion.
Circle spustila veřejný mainnet Arc, otevřený blockchain pro finanční trhy a pohyb peněz v reálném čase. Na startu má více než 100 aplikací a podporu institucí jako BlackRock, DTCC, Mastercard a Visa.
Secured by the institutions that run the world’s financial infrastructure, Arc goes live with more than 100 institutional and ecosystem builders on day one, offering a new era in blockchain networks, and built for the Agentic Economic Era
NEW YORK--(BUSINESS WIRE)--Circle Internet Group, Inc. (NYSE: CRCL), one of the world's leading internet financial platform companies, today announced the public mainnet launch of Arc, an open Layer 1 blockchain purpose-built for financial markets, real-time money movement, and agentic economic activity. Arc launches with native integration into Circle’s full-stack platform (including USDC, the world's largest regulated digital dollar, with more than $74 billion in circulation); a founding validator cohort drawn from the institutions that run global finance; more than 100 applications; and more than 100 institutional and ecosystem builders spanning global banks, asset managers, payment networks, exchanges, custodians, DeFi protocols, wallets, and AI platforms live on day one.
"Arc is the single most significant launch in Circle's history since USDC" -- Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle
Share “Arc is the single most significant launch in Circle's history since USDC itself, and it is the embodiment of the premise we have operated on for thirteen years: money should work the way the internet works,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “USDC was step one. Arc is the network built for what comes next. The agentic economy and the onchain economy are not two different revolutions; they are the same economy seen from two sides, and both need infrastructure that never closes, settles in under a second, and is trusted by the institutions that anchor the global financial system. Today we are switching on something the world has never had before: an open, neutral, always-on economic operating system for the internet, secured by some of the most important financial institutions on Earth, and built for a world where both people and machines transact.”
AN ECONOMIC OPERATING SYSTEM, NOT JUST A BLOCKCHAIN
Six design choices set Arc apart and power onchain finance across payments, FX, trading, lending, markets, and asset issuance:
Gas in dollars. Fees are paid in USDC, with no volatile native token required. Sub-second finality. Deterministic, instant settlement. Final means final. Opt-in privacy. Confidential transactions and balances with view keys; in development for network-wide release. Issuers and interoperability. A home for USDC, EURC, and tokenized real-world assets, with Circle StableFX providing 24/7 cross-currency settlement. Agentic economic activity. The first blockchain designed from genesis for AI agents as economic actors. Institutional security. Post-quantum signatures supported today and deterministic consensus built to financial market standards. Money without borders. Circle StableFX, enables 24/7 programmable FX trading with near-instant, low-cost settlement. Local stablecoins that are active or onboarding to StableFX include: USDC, EURC, AUDD, AUDF, BRLA, CADD, CHFAU, EURAU, GBPA, JPYC, KRW1, MXNB, QCAD, SEKAU, TRYB, wARS, wBRL, wCLP, wCOP, wMXN, wPEN, and ZARU. And now Circle Payments Network is integrated natively into Arc, moving money across borders for a fraction of a cent and settling in near real time.
Markets that never close. Aero, fomo, and Uniswap anchor Arc's day one trading infrastructure. Circle's USYC (a tokenized money market fund), BUIDL (a tokenized treasury fund tokenized by Securitize), private credit funds, and cirBTC give these markets high-quality, liquid, productive assets to trade, lend, and post as collateral.
Institutional trust meets open innovation. Arc's opt-in privacy design, currently in development for network-wide release, provides enterprises with the confidentiality their businesses require and the auditability compliance teams look for, together on one network. Combined with a permissioned validator set and the regulatory clarity of the GENIUS Act, this enables banks, asset managers, and enterprises to use a public blockchain for treasury, trading, and confidential payments.
“As digital assets infrastructure matures, we expect to see certain networks increasingly designed around the needs of specific markets and use cases. Purpose-built blockchains can help accelerate adoption of digital asset use cases, and Arc appears clearly well positioned to serve stablecoin and payment use cases at scale,” said Robbie Mitchnick, Global Head of Digital Assets at BlackRock.
BUILT FOR AGENTS AS ECONOMIC ACTORS
Agents are already performing economic tasks with Circle's open, programmable payments products, including executing trades, managing payments, routing liquidity, and executing contracts on behalf of people and businesses. USDC accounts for 98.8% of agent-driven transaction volume. Since Circle Agent Stack launched in May 2026, the overwhelming majority of agent-to-agent payments settling over the x402 standard have settled in USDC. Arc is the first blockchain designed from genesis for this new class of participant.
Circle Agent Stack gives developers and agents policy-controlled Agent Wallets, Nanopayments powered by Circle Gateway, and an emerging Agent Marketplace. Arc Portal lets people fund agent wallets, set spend limits, and delegate onchain tasks with visibility and control. AgentVM is being designed so that agents can work with sensitive data in a protected environment while Arc provides an immutable record that lets applications verify where each result came from without exposing the underlying data. SUPPORTED BY THE INSTITUTIONS THAT RUN GLOBAL FINANCE
Along with Circle, Arc will have a phased rollout from the founding validator cohort that includes BlackRock, The Depository Trust & Clearing Corporation (DTCC), Galaxy, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, Visa, and Worldpay (now Global Payments). The institutions that clear the world’s securities, run its payment rails, and manage its capital are not simply connecting to Arc; they will participate in the operation of the network itself, securing a public blockchain built to meet institutional needs.
“ICE’s institutional customers are increasingly looking for ways to operate seamlessly across traditional and digital markets. Arc's native capabilities, including predictable fees and instant finality, address real friction points these customers raised,” said Michael Blaugrund, VP, Strategic Initiatives at ICE. “As a founding validator, ICE is applying our experience securing critical market infrastructure in support of Arc itself, reflecting our clients’ emerging demand for tokenized finance.”
“Onchain finance and the agentic economy are areas of intensive focus for SBI Group as well. Our work with Circle already spans a range of initiatives: in March 2025, SBI VC Trade became the first and only company in Japan to distribute USDC,” said Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings. “With Arc, we will not simply be a user of the network: as a founding validator, we will contribute to its operation and governance. SBI Group has also set out SBI APAC Digital Economic Zone initiative, which endeavors to build the next generation onchain financial infrastructure and contribute to the development of the APAC region. Leveraging both USDC and JPYSC – a trust-type yen-pegged stablecoin issued by SBI Shinsei Trust – we look forward to deepening our collaboration with Circle in this area.”
Around the validator core, more than 100 institutional and ecosystem builders are already live on or exploring Arc's private mainnet ahead of today's public launch, including:
Global banks: BNY, BTG Pactual, HSBC, Lead Bank, Societe Generale, Standard Chartered, and State Street have access to a public blockchain designed to help meet bank regulatory demands, including a permissioned validator model and defined governance perimeter. Asset managers and real-world asset (RWA) issuers: Bitwise, BlackRock, Dinari, Janus Henderson, New York Life Investment Management in partnership with Centrifuge, Maple, Matrixdock, ProShares, and xStocks by Payward are working to bring tokenized financial products onchain. Global payments firms: Digital Garage, Global Payments, JCB, Mastercard, MoneyGram, Thunes, and Visa will be enabling internet-scale settlement with stablecoins and building always-on and AI-powered global payments. Digital asset exchanges: Binance, Bitso, Bitvavo, Bybit, Coinbase, Gate, Kraken, KuCoin, MEXC, OKX, OSL, Upbit, and Wenia give users and institutions familiar, seamless access into Arc. Custody providers: Anchorage, BitGo, Ceffu, Copper, Fireblocks, and Zodia Custody deliver secure, institutional-grade custody for digital assets on Arc. Onchain trading and liquidity protocols: 1inch, Aero, Bankr, Dinari, Doppler, edgeX, Extended, fomo, Hibachi, LI.FI, o1.exchange, pools.trade, Pump.fun, Robinhood, and Uniswap expand access across spot trading, structured products, perpetuals, and crosschain execution in markets that never close. Borrow, lend, and earn: Aave and Morpho anchor Arc's onchain credit markets at launch, with Bitwise, Cumberland, Dialectic, Galaxy, Gauntlet, Keyrock, and Steakhouse Financial supporting the ecosystem in different capacities including through curated vault strategies, risk oversight, and the supply of USDC and EURC for borrowing and lending. Digital wallets: Binance Wallet, Bitget Wallet, Gate Web3, Kucoin Web3, Ledger, MetaMask, OKX Wallet, Phantom, Rainbow, and Trust Wallet put Arc’s markets within reach of hundreds of millions of existing users from day one. Ecosystem infrastructure and tooling: Alchemy, BCW, Blockdaemon, Chainlink, Figment, Kaleido, and Quicknode power the developer and infrastructure layer supporting builders on Arc. Building the agentic economy and the infrastructure to support it: Alethieum, Architect, Arrays, BlockRun, Goldsky, Kite AI, Ornn, Orthogonal, and Virtuals. “Aave has worked with Circle for years, growing USDC and EURC liquidity into billions of dollars. We're doubling down on the Circle ecosystem with a new Aave V4 market on Arc, bringing DeFi’s most trusted credit infrastructure to a network purpose-built to bring real-world finance onchain,” said Stani Kulechov, Founder and CEO of Aave Labs.
“Arc brings together the speed, stablecoin-native infrastructure, and institutional participation needed to expand onchain credit to a much broader market. We’re excited for Morpho to serve as a credit layer on Arc, bringing open, composable, and capital-efficient lending markets to the network from the start,” said Merlin Egalite, Co-Founder of Morpho.
Arc's global developer community includes more than 75,000 active Arc House members and 10,000 Architect ambassadors, who have built more than 1,200 projects on Arc. Its testnet processed more than 700 million transactions in under a year, and Arc is fully EVM-compatible, so existing Solidity contracts and developer tools work on day one.
With mainnet, Circle is releasing two new tools for builders to create stablecoin-native applications without starting from scratch:
Arc Studio is an onchain coding agent that takes ideas to implementation faster, generating an application complete with smart contracts, application logic, and deployment-ready code for the network. Arc App Kits is a unified SDK for core onchain fund flows, letting developers add payments, swaps, onramps, and yield in a few lines of code. Together with Arc Portal, users, builders, and enterprises have three access points into Arc.
THE ROAD AHEAD
Mainnet is the start of a roadmap centered on proof of stake, privacy, and scalability.
Network Sectors. Purpose-built environments for different classes of financial activity: a Privacy Sector for opt-in confidential transactions, a Payment Sector targeting low cost payments at more than 100,000 transactions per second, and an Agent Sector for verifiable agent identity and auditable records. Proof of stake and the ARC token. Circle completed the genesis mint of ARC token this week in the U.S., creating the full initial supply of 10 billion tokens — making Circle the first publicly traded company to mint a network token for a new layer-one blockchain. ARC is designed to serve as a digital commodity intended to act as the native coordination mechanism for security, utility, and governance on Arc, with network fees remaining payable in USDC. This initial mint is not a commitment to publicly launch ARC, but an important technical milestone in the Arc roadmap as the network explores a future transition from Proof of Authority toward Proof of Stake in 2027. Post-quantum resilience. Arc supports post-quantum signatures today, with broader post-quantum protections in development. To learn more, read the blog here.
Join the Arc mainnet launch event streaming live at 2 pm ET today at @arc on X and visit Arc Portal at https://portal.arc.io/ to get started.
About Circle Internet Group (Circle)
Circle (NYSE: CRCL) is one of the world's leading internet financial platform companies, building the foundation of a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications. Circle's platform includes the world's largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com and at arc.io.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position; our plans with respect to the anticipated future expenses and investments; expectations relating to certain of our key financial and operating metrics; our business strategy and plans; expectations relating to legal and regulatory proceedings; expectations relating to our industry, the regulatory environment, market conditions, trends and growth; expectations relating to customer behaviors and preferences; our market position; potential market opportunities; and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management's expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions. For a detailed discussion of the risks, uncertainties, and other factors that could cause our actual results to differ materially from those anticipated or expressed in any forward-looking statements, see the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on March 9, 2026 as well as in other filings we may make with the SEC from time to time. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Disclaimers:
Arc is an open L1 blockchain launched by Arc Network Services LLC (“Arc LLC”) and operated by a permissioned validator set. Arc LLC provides software services only and does not offer regulated financial or advisory services. Arc has not been reviewed or approved by the New York State Department of Financial Services or any other regulatory authority.
The Arc network is provided “as is” and “as available.” Use of Arc involves inherent risks associated with blockchain technology, including smart contract vulnerabilities, network disruptions, and the absence of recourse for transaction errors or losses. The ability to transact on Arc depends on the ability to obtain and use USDC to pay gas fees. Neither Arc LLC nor any permissioned validator is responsible for the content, accuracy, legality, or functionality of third-party applications, protocols, or services built on or integrated with Arc. You are solely responsible for features or services you provide to users, including obtaining any necessary licenses or approvals and otherwise complying with applicable laws.
All Arc features may be modified, delayed, or cancelled at any time without notice. Nothing herein constitutes a commitment, warranty, guarantee or legal, regulatory, tax, or investment advice.
Circle oznámila akvizici singapurské Tazapay za 400 milionů USD v nově vydaných akciích. Investoři na to reagovali prodejem a akcie za týden klesly o 11%.
Circle Internet Group (CRCL +0.31%) had a week to forget, as far as its equity was concerned. After the cryptocurrency developer announced an acquisition on Tuesday, many investors bailed from its stock. Ultimately, Circle shrank by 11% over the Labor Day-shortened trading week, according to data compiled by S&P Global Market Intelligence.
Paying for Tazapay Before market open Tuesday, Circle divulged that it had signed a definitive agreement to acquire Singapore-based Tazapay. The Asian company specializes in cross-border business-to-business (B2B) payment technology.
Image source: Getty Images.
Speaking of payments, Circle has agreed to hand over $400 million in newly issued common stock to purchase its asset-to-be.
In the press release trumpeting the deal, Circle said that the take-up and acceptance of USDC, the prominent stablecoin it developed, will be enhanced by its ownership of Tazapay.
It quoted its co-founder and CEO, Jeremy Allaire, as saying that "stablecoin settlement is becoming core infrastructure in the global economy, and combining USDC with Tazapay's world-class banking relationships, local payout rails, and institutional customer base will accelerate worldwide USDC adoption."
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400 million reasons for skepticism I'd say that's accurate, assuming Circle can effectively integrate Tazapay with its business. However, there was clear skepticism about the deal from both investors and analysts tracking Circle's stock. One of the latter, Mizuho's Dan Dolev, felt compelled to publish an update reiterating his underperform (read: sell) recommendation and $45-per-share price target.
According to reports, Dolev doubts that owning Tazapay will make much of a difference to Circle's performance, and the Singapore company's volume and reach aren't considerable. It also doesn't solve the increasing problem of competition, as in his view, stablecoins are rapidly becoming commoditized.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Circle chystá 16. září spuštění Arc Mainnet s více než 100 soukromými partnery a validátory, což má rozšířit jeho roli mimo vydávání stablecoinů. Firma zároveň zvýšila celoroční výhled ostatních výnosů na 310–330 milionů USD.
Key Takeaways CRCL's Sept. 16 Arc launch includes 100 private mainnet partners and validators.Circle raised 2026 other-revenue guidance, partly tied to Arc milestone recognition.CRCL's Arc opportunity is balanced by higher spending and a premium forward sales valuation. Circle Internet Group, Inc. (CRCL - Free Report) is approaching a Sept. 16 Arc Mainnet launch that could broaden its role beyond stablecoin issuance. Circle is trying to turn its digital-asset network into infrastructure used by financial institutions, payments companies and capital-markets participants.
The key question is whether Arc can generate recurring activity after launch. Institutional participation, higher other-revenue guidance and Circle Payments Network growth support the theme, but milestone-based revenues and elevated spending keep execution risk in focus.
CRCL’s Arc Launch Brings Institutional ScaleArc is scheduled to launch with more than 100 private mainnet partners and validators. Its testnet had processed 502 million cumulative transactions and reached 2.8 million cumulative transacting wallets by June 30.
The validator group includes major financial and payments firms. Visa Inc. (V - Free Report) has said Arc is being added to its stablecoin settlement pilot and that it plans to operate a validator once the network goes live.
Circle’s Arc Economics Could Lift Other RevenueCircle completed a $242 million Arc Token presale in the second quarter. About $180 million is expected to be recognized in 2026 as product milestones are achieved.
Management raised full-year other-revenue guidance to $310-$330 million from $150-$170 million. The increase is partly tied to Arc, making milestone achievement important to reported non-reserve revenues this year.
CRCL’s Partners Point to Real Financial WorkflowsBlackRock, BNY, DTCC and Standard Chartered are exploring Arc integrations involving tokenized-asset settlement, custody, stablecoin access, foreign exchange and repo infrastructure. Those use cases move Arc toward institutional financial workflows.
Mastercard Incorporated (MA - Free Report) is another relevant payments reference. Mastercard has announced plans to expand settlement options using regulated stablecoins, including USDC, across multiple blockchain networks.
Circle Needs Utility Beyond Milestone RevenuePresale recognition can lift 2026 results, but it does not establish a recurring earnings stream. Arc’s longer-term contribution will depend on sustained transaction activity, partner integrations and monetization after the initial launch milestones.
Circle is also spending to build the platform. Adjusted operating expenses rose 23% year over year to $146 million in the second quarter, and management expects full-year spending near the high end of its $570-$585 million guidance range.
CRCL’s CPN Shows How Network Utility Can ScaleCircle Payments Network offers an early example of infrastructure translating into usage. Annualized total payment volume moved from zero in the second quarter of 2025 to $14.7 billion at the end of the second quarter of 2026.
By July 31, annualized payment volume had reached about $23 billion. CPN had 175 enrolled financial institutions across 58 countries, and linking that activity with Arc and USDC could deepen Circle’s role in settlement.
CRCL’s Growth Profile Still Comes With Valuation RiskArc could help diversify Circle’s revenue mix, but CRCL already carries a premium valuation. The stock trades at 7.4X forward 12-month sales, versus 2.6X for its Zacks sub-industry and 4.8X for the S&P 500.
Image Source: Zacks Investment Research
The stock currently carries a Zacks Rank #3 (Hold). CRCL has a Growth Score of B and Momentum Score of A, while its Value Score of F and VGM Score of C show weaker value characteristics and a mixed combined style profile. That combination supports a measured view as Arc moves from launch catalyst to execution test. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Circle zvýšila celoroční výhled marže RLDC na 41,7–43,7 % z 38–40 % díky lepší ekonomice platformy. Zároveň ale zůstává pod tlakem vysokého ocenění a závislosti na výnosech z rezerv.
Key Takeaways CRCL's growth case is supported by USDC expansion, Arc and CPN, but valuation remains demanding.Circle lifted RLDC margin guidance as better platform economics offset pressure from lower reserve yields.CRCL still faces heavy reserve-income reliance, rising spending and limited room for execution setbacks. Circle Internet Group, Inc. (CRCL - Free Report) offers exposure to stablecoin adoption, payments and blockchain infrastructure, but the growth case carries a demanding valuation. The question is whether expanding utility and improving economics can justify that premium.
New products and better margins support the bull case. Rate sensitivity, reserve-income reliance and rising investment spending keep the risk-reward balance from becoming one-sided.
Circle’s Growth Case Extends Beyond Reserve IncomeManagement continues to target roughly 40% compound annual growth in USDC circulation over several years through the cycle. Circle is also building revenue sources around Arc and Circle Payments Network (CPN), broadening the business beyond reserve income.
CPN had 175 enrolled financial institutions across 58 countries, while annualized total payment volume reached about $23 billion as of July 31. Coinbase Global, Inc. (COIN - Free Report) reported record average USDC holdings of $20 billion in its products in the second quarter. Visa Inc. (V - Free Report) said its stablecoin settlement pilot reached a $7 billion annualized run rate and supported nine blockchains as of April, showing that a large payments company is expanding stablecoin settlement capabilities.
CRCL’s Margin Trends Strengthen the Bull CaseRevenue less distribution costs (RLDC) margin improved to 41.2% in the second quarter from 38.2% a year earlier. Net reserve margin also rose to 38.5% from 35.9%, even as short-term rates moved lower.
Circle raised its full-year RLDC margin outlook to 41.7-43.7% from 38-40%. USDC held on Circle’s platform more than doubled year over year to $12.4 billion, supporting better economics under its distribution arrangements.
CRCL’s Valuation Leaves Less Room for ErrorCRCL trades at 7.41 times forward 12-month sales compared with 2.58 times for its Zacks sub-industry and 4.8 times for the S&P 500. The premium leaves less room for slower growth or execution setbacks.
Continued USDC circulation growth, Arc adoption and CPN monetization need to translate into durable revenues and margins. A slower ramp in those areas could make the valuation harder to defend.
Image Source: Zacks Investment Research
Circle’s Rate Exposure Keeps Earnings FragileReserve income represented 95.2% of second-quarter revenues. The reserve return rate fell to 3.48% from 4.14% a year earlier, showing how lower short-term rates can pressure a business still dominated by income earned on reserve assets.
Average USDC circulation increased 25.2% year over year and helped offset the lower yield. Further rate declines would increase the burden on circulation growth and non-reserve products to sustain earnings expansion.
CRCL’s Spending Could Delay Operating LeverageAdjusted operating expenses increased 23% year over year to $146 million in the second quarter. Spending reflected product development, go-to-market infrastructure, Arc marketing, general and administrative needs, infrastructure and artificial intelligence capabilities.
Full-year adjusted operating expense guidance remains $570-$585 million, with management expecting results near the high end. If Arc activity and CPN monetization build gradually, the investment pace could limit near-term operating leverage.
CRCL’s Growth Scores Beat Its Value ProfileCRCL presents a credible growth case, but its premium valuation, rate exposure and spending needs argue against treating growth alone as a buy signal. The setup remains balanced because platform expansion must translate into enough earnings power to support the multiple.
The stock currently carries a Zacks Rank #3 (Hold). Its Growth Score of B and Momentum Score of A indicate favorable growth and momentum characteristics, while the Value Score of F and VGM Score of C show a weaker valuation profile and a mixed combined style picture. The Rank supports a measured stance rather than a clear short-term buy call. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Circle získala od amerického regulátora povolení působit jako banka a stala se prvním emitentem stablecoinu s tímto statusem. Akcie na to minulý měsíc vyskočily o více než 15 %.
Key Takeaways Circle holds a near-monopoly in the U.S. stablecoin market.USDC is a primary currency for agentic AI micropayments.Wall Street expects triple-digit EPS growth in 2026. Circle Internet Group Company OverviewZacks Rank #3 (Hold) company Circle Internet Group ((CRCL - Free Report) ) is the largest stablecoin issuer in the United States. Stablecoins are digital currencies that maintain a stable value by being pegged to traditional fiat currency. Circle offers its clients two main stablecoins: USDC (pegged to the U.S. Dollar) and EURC (pegged to the Euro). Additionally, Circle also issues USYC, a tokenized money market fund. In addition to its primary stablecoin business, Circle also offers developer tools and APIs (like smart contracts or programmable wallets) and a blockchain (which provides enterprise-grade blockchain infrastructure).
Circle Group: A Near Monopoly in the U.S. Stablecoin BusinessThe toughest part about entering the stablecoin business is cutting through regulatory red tape. Circle has a massive advantage in this regard and has prioritized U.S. and global regulatory alignment. Earlier this year, the GENIUS Act provided regulatory clarity by establishing the first comprehensive regulatory guidelines for stablecoins in the U.S. Last week, Circle shares surged more than 15% after the U.S. Office of the Comptroller of the Currency granted the company approval to operate as a bank, making Circle the first stablecoin issuer to earn such a designation.
The Benefit of StablecoinsStablecoins such as USDC are superior to traditional fiat currency in several ways:
· Speed and Cost: Unlike traditional wire transfers, stablecoin transactions settle within seconds and cost a fraction of the price.
· Inflation Safe Haven: Citizens in countries like Turkey and Argentina suffer from hyperinflation. Instead of watching their fiat value dwindle, these citizens can preserve wealth in stablecoins.
· Smart Contracts: Unlike fiat, stablecoins are programmable via smart contracts to automate financial agreements.
· AI Micropayments: Stablecoins are the primary payment method for AI agents. Rather than being charged a fixed credit card fee, agentic AI systems can use stablecoins to make micropayments, often for under a penny.
Circle Group Swings to ProfitCircle is expected to swing back to profitability in 2026. Zacks Consensus Estimates suggest that the company will grow EPS 338.64% in 2026 and 41.79% in 2027.
Image Source: Zacks Investment Research
Meanwhile, Circle has beaten Wall Street expectations lately. Over the past four quarters, Circle has beaten Wall Street estimates by an average of 114.79%.
Image Source: Zacks Investment Research
Circle: A Beneficiary of Exploding DebtWith the U.S. debt now north of $40 trillion, U.S. Treasury bill demand is critical. U.S. Treasury Secretary Scott Bessent has repeatedly emphasized the importance of stablecoins as a fresh source of demand for T-bills.
Circle Retakes 200-day MALast month, Circle shares retook the 200-day moving average, signaling a bullish trend change.
Image Source: TradingView
Bottom Line
With a historic banking approval, robust compliance infrastructure, and expanding utility across AI micropayments and U.S. Treasury markets, Circle is positioned to dominate the stablecoin market.
Circle uvedla, že její veřejný mainnet Arc má být spuštěn 16. září. Firma zároveň dál sází na růst USDC a stablecoinů v přeshraničních platbách a AI-agentních transakcích.
Blueprint for a Banking Fortress: Circle Redraws the MapCircle Internet Group NYSE: CRCL outlined its strategy for expanding USDC, payment infrastructure and its planned Arc blockchain during an earnings-related question-and-answer session, with the company’s chief executive emphasizing stablecoin adoption in cross-border payments, capital markets and emerging agentic AI applications.
The CEO said Circle has increased product-launch velocity since its initial public offering while keeping employee growth “slow and steady” to preserve institutional depth and cohesion. He added that the company is increasingly using AI and agentic infrastructure, initially in software engineering and now across more functions.
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Circle’s IBM Patent Deal Could Redraw the Stablecoin Infrastructure RaceCircle described cyber risk as a key area requiring continued investment as the company takes on a larger role in financial-market infrastructure. It also identified local operations, personnel and infrastructure in emerging markets as an important capability to build as demand grows for Arc, the Circle Payments Network, USDC and other digital assets.
Stablecoin Uses Extend Beyond Crypto Trading According to the CEO, stablecoins are already seeing product-market fit as 24/7 digital dollars for settlement, collateral, working capital and payments in digital-asset markets. He said their use is expanding into traditional financial activity as tokenization and around-the-clock markets develop for assets such as equities and commodities.
MarketBeat Week in Review – 07/06 - 07/10Circle also cited demand in emerging markets, where households, small and medium-sized enterprises and some larger businesses are using stablecoins as an alternative store of value and a substitute for local banking services. The company said stablecoins are supporting savings, commerce, investment and cross-border payments for what it described as hundreds of millions of global users.
Cross-border settlements and international payments; Capital-markets payments and settlements; Corporate treasury management and internal money movement; AI-agent payments; and Potential future merchant payment acceptance. The CEO said Circle is working with banks, fintech companies and cross-border payment providers that are integrating USDC into settlement operations. He also pointed to payment networks such as Visa and Mastercard using stablecoins for cross-border settlement.
For AI-agent commerce, he said USDC’s reliability, broad acceptance, low settlement costs and deterministic operation make it particularly suited for machine-to-machine payments. Circle said that “99 point x percent” of payments occurring over agentic payment protocols are currently being made with USDC, according to the CEO.
Reserve Income Remains Important as Infrastructure Expands Asked whether Circle’s principal economic engine will be USDC reserve income or transaction and infrastructure revenue, the CEO said the company expects reserve income to remain a significant driver while it develops additional revenue streams around payments, blockchain infrastructure, partnerships and digital assets.
He characterized the stablecoin market as being in an early stage, citing roughly $300 billion in stablecoins in circulation. The CEO said Circle sees the longer-term opportunity as a market measured in trillions of dollars, requiring partnerships with financial firms, technology companies and fintech platforms that can distribute and build on the company’s infrastructure.
Circle is also building monetization opportunities around the Circle Payments Network, or CPN, and Arc. The CEO described Arc as an “economic operating system” and compared its potential scale opportunity to Amazon Web Services, while saying the company’s payments network is designed to monetize through transactions and value-added services.
Arc Mainnet Planned for September Circle said Arc’s public mainnet is expected to launch on Sept. 16. The CEO described Arc as a stablecoin-native blockchain where gas fees are paid in USDC, which he said could make blockchain infrastructure less visible to end users and reduce friction for developers.
He said developers could absorb low transaction costs in the same way software companies absorb cloud-computing costs, rather than requiring users to acquire separate crypto tokens to use an application. Circle believes that model can support consumer-facing financial, governance and AI-agent applications.
Over the next five years, the CEO said Circle expects more corporate functions—including ownership structures, contracts, treasury operations and cash-flow mechanisms—to move on-chain. He said the company sees a convergence between systems for AI and systems for economic activity, with software and AI playing a larger role in managing on-chain organizations.
Circle also said it is developing tools for trust in agent-to-agent commerce. These efforts include “Know Your Agent” capabilities, cryptographic identity attestations, agent registries, reputation systems and programmable spending policies through agent wallets. The company recently published a paper titled The Open Economy for Agents, the CEO said.
EURC and Global Regulatory Outlook Circle said EURC recently surpassed €400 million in circulation, which the CEO called the largest digital euro in the market. He attributed the growth to Circle’s early launch under Europe’s MiCA regulatory framework, relationships with regulators and financial institutions, exchange and wallet distribution, and EURC markets on decentralized-finance protocols.
The company said it expects demand for euro stablecoins to grow alongside European capital-markets development, tokenized real-world assets, programmable money and cross-border settlement use cases.
On U.S. policy, the CEO said he expects USDC adoption to continue even if the CLARITY Act does not pass in September. He said stablecoin regulation is advancing globally and argued that stablecoin adoption is largely occurring outside the United States. While he described broader U.S. market-structure legislation as important for consumer protection, competitiveness and capital markets, he said it is not determinative of stablecoin demand.
Circle said CPN has more than 175 financial-institution members and that it offers a partner pathway through its website, along with a broader Circle Alliance program that includes thousands of companies.
About Circle Internet Group (NYSE:CRCL)Circle Internet Group NYSE: CRCL is a financial technology company that builds infrastructure to enable businesses and developers to use and move money on public blockchains. Co-founded by Jeremy Allaire and Sean Neville, the company is best known as a principal issuer and steward of USDC, a dollar-pegged stablecoin developed through the CENTRE Consortium, which Circle co-founded with Coinbase. Jeremy Allaire serves as CEO and has been a visible leader in the company’s strategy and public engagement around digital currency and payments innovation.
Circle’s core products and services center on digital currency issuance and programmable payments.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Circle Internet Group (CRCL) roste po zprávě o schůzce v Bílém domě mezi Donaldem Trumpem a zástupci kryptoprůmyslu. Akcie byly odpoledne 19. srpna 2026 výše o 8,7 %.
Circle Internet Stock (CRCL +9.56%) is soaring today, up 8.7% as of 3:35 p.m. ET on Aug. 19, 2026, on news of a White House meeting between President Donald Trump and crypto-industry executives.
The S&P 500 and Nasdaq Composite were up 0.4% and 0.3%, respectively.
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Trump is meeting crypto executives and top regulators a day after the SEC proposed easing registration rules Trump is set to meet today with representatives from crypto companies as well as key regulators like Securities and Exchange Commission (SEC) Chair Paul Atkins and Commodity Futures Trading Commission (CFTC) Chair Mike Selig.
The meeting comes a day after the SEC proposed a rule change that would let some crypto companies skip standard securities-registration requirements. More changes could come from tomorrow's CFTC meeting.
Circle's income tracks USDC minting, so the Clarity Act matters more than any single rule change Circle, which issues the stablecoin USDC, could benefit from some of these rule changes. The big catalyst, however, would be the passing of the Clarity Act, currently stalled in the Senate. The market-structure bill would help traditional finance integrate stablecoins and other digital assets into their operations, potentially massively expanding adoption of USDC.
Image source: Getty Images.
Circle's income is directly related to how much USDC is minted. Passage of the Clarity Act could be a game changer. Still, there's no guarantee that will happen. I do think Circle stock is worth owning as a small part of a diversified portfolio.
Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Circle uspořádala konferenční hovor k výsledkům za 2. čtvrtletí 2026 a CEO Jeremy Allaire mluvil o strategii firmy v platbách, Arc, kapitálových trzích a finanční infrastruktuře.
Circle Internet Group, Inc. (CRCL) Q2 2026 Earnings Call August 19, 2026 9:00 AM EDT
Company Participants
Jeremy Allaire - Co-Founder, Chairman & CEO
Presentation
Operator
During today's conversation, we may make forward-looking statements, which may vary materially from actual results. Any information shared concerning risks, uncertainties or other factors that could cause these results to differ is included in our SEC filings. We may also reference non-GAAP financial measures, definitions of those non-GAAP financial measures and reconciliations can be found in the earnings presentation on our Investor Relations website.
Jeremy Allaire
Co-Founder, Chairman & CEO
Good morning, good afternoon, good evening, wherever you're tuning in from. Welcome to this Circle Earnings AMA. I'm really thrilled to have this time to answer questions and engage with everyone out there about Circle, our strategy, what we're trying to execute. We obviously just came off of our Q2 earnings, shared a lot, but now we want to have an opportunity to open up and have more questions from the broader audience of folks that are interested in Circle. So I'm going to kick in and please, as we go, try and submit questions. We're trying to pull in as many as we can as we go through this.
Question-and-Answer Session
Jeremy Allaire
Co-Founder, Chairman & CEO
First question from, Lufei.
As Circle expands across payments, Arc, capital markets and financial infrastructure, what gives you the greatest confidence in the team's ability to execute ?and what capability do you most need to strengthen?
This is a great question. And I think as a CEO and really our whole board as well, but as a CEO, specifically, I'm always trying to think about the team, how we're executing, what needs to evolve from where we are. And I would really speak to a few things here.
Circle získala souhlas OCC k zřízení specializované banky Circle National Trust, která zatím nebude přijímat vklady ani poskytovat úvěry. USDC se tím zatím nemění.
Circle Internet Group (CRCL +5.75%) now has a bank. Sort of.
It won't hold your paycheck, give you a mortgage, or hand out a toaster for opening an account. In fact, Circle won't open an account for you at all. It's not that kind of bank.
On July 10, the U.S. Office of the Comptroller of the Currency (OCC) gave Circle final approval to establish a specialized bank named Circle National Trust. The doors opened on July 24.
A trust bank is the financial equivalent of a very serious safe-deposit vault. Circle's own FAQ says it plainly: No deposits, no lending. Its job is to hold things carefully and answer to a federal regulator while doing it.
A footnote on the company's site says the bank is expected to operate primarily as a sub-custodian at launch, serving Circle affiliates. Outside institutions might get access later, "depending on demand," which is corporate for "if anyone asks."
The fine print
What it does today is narrower than the headlines suggest:
Circle's USDC (USDC +0.00%) stablecoin did not change when the bank opened. Reserves still sit mostly with BNY as the custodian and BlackRock as the asset manager, attested monthly by Deloitte. Sorry for the accounting jargon, but the three companies play very different roles here. Circle CFO Jeremy Fox-Geen said USDC's underlying operations may move to Circle National Trust someday, but they have not changed yet.
Circle is not first in this area. BitGo received its unconditional charter before Circle did, from the same December 2025 batch of five conditional approvals.
The bank charter isn't a moat. Ripple, Paxos, and Fidelity have been sitting on conditional approvals for eight months, and at least three more firms filed applications in early August.
The market reaction
Shares jumped 15.6% intraday on approval day but closed at a milder 5.7% gain. Mizuho's Dan Dolev called the pop "likely overly optimistic," noting that the charter fixes neither USDC's shrinking market value nor the pending arrival of rival stablecoin Open USD.
Circle's stock bounced around for a few weeks. As of Aug. 13, after last week's earnings bump, it sits 13.1% above its close before the charter approval.
Image source: Getty Images.
Building the vault early
So why bother? It's a timing issue. The federal stablecoin law called the GENIUS Act takes effect in January 2027. Fox-Geen described the charter as regulatory bedrock laid down ahead of rules that have yet to arrive. Circle built a custodial vault before anyone required it, on the theory that showing up early beats scrambling later.
Not everyone applauded. The Independent Community Bankers of America (ICBA) pointed out that trust banks carry no deposit insurance, and the National Community Reinvestment Coalition (NCRC) noted they also skip Community Reinvestment Act obligations. NCRC called Circle's plan "the most dangerous banking charter of the century."
The charter is a permission slip, not a revenue line. Circle still earns its keep the same way it did in June: collecting interest on the dollars and Treasuries backing USDC.
Today's Change
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5.75
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4.10
Current Price
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75.38
The trust bank doesn't do much for Circle's business, at least not yet. It would start to matter if reserve management actually moved under OCC supervision, custody opened to institutions outside Circle's own corporate family, or the GENIUS Act's arrival turned federal supervision from a nice-to-have bonus into a regulatory requirement.
Until then, you should judge Circle the way its income statement does: by how much USDC is in circulation and what interest rates are being paid on the reserves behind it.
Corcel na projektu Yuma King v Arizoně potvrdil v šesti vrtech výskyt mědi a zlata a naznačil možný blízký porfyrový Cu-Au systém. V YK26-006 zachytil 24,5 m s 0,46 % Cu a 0,32 g/t Au.
Vancouver, British Columbia--(Newsfile Corp. - August 12, 2026) - Corcel Exploration Inc. (CSE: CRCL) (OTCQB: CRLEF) (FSE: Y67) (the "Company" or "Corcel") is pleased to announce the final assay results from the recently completed Phase I drill program at the Yuma King Project (the "Project") located in west-central Arizona. The initial campaign successfully completed 1,087 meters across six drill holes with copper and gold in each drill hole.
Highlights
YK26-005A: Intersected copper-gold mineralization east of hole YK26-001. Results include:
8.97 meters of 0.46% Cu, 0.39 g/t Au, 3.8 g/t Ag, and 250 ppm Mo1 starting at 116 meters downhole, adjacent to a porphyry intrusion containing 47 meters of strongly anomalous copper-gold-molybdenum
YK26-006: Intersected two distinct mineralized zones, separated by 151-meter interval of porphyritic intrusion containing strongly anomalous copper-gold-molybdenum. Results include:
4.4 meters of 0.71% Cu, 0.19 g/t Au, 8.46 g/t Ag, and 5.5 ppm Mo1 starting at 28.05 meters downhole,
24.5 meters of 0.47% Cu, 0.32 g/t Au, 3.59 g/t Ag, and 164 ppm Mo from 212 meters downhole and including,
10.14 meters of 0.65% Cu, 0.47 g/t Au, 4.73 g/t Ag, and 141 ppm Mo from 219.21 meters downhole
Porphyry-style alteration and mineralization: Elevated copper, gold, and molybdenum (up to 0.22% Cu, 0.24 g/t Au, and 1100 ppm Mo) in altered porphyritic intrusions associated with skarn-related mineralization in drill holes YK26-005A and YK26-006 provide compelling evidence that a porphyry-related copper-gold system may be present nearby.
Expanded skarn potential at depth: Copper-gold mineralized skarn intersected twice in drill hole YK26-006 and suggests that the skarn horizon is structurally duplicated or that skarn may occur in multiple horizons, significantly increasing the target's exploration potential and the prospective extent of mineralization.
Vectoring towards covered target: Historical drilling combined with geological, geophysical, and geochemical data indicates the mineralized system remains open to the north and northwest toward the recently identified North Skarn target, which was delineated by the IP survey conducted earlier this year, highlighting a compelling area for the next phase of exploration and drilling.
"Phase I has significantly advanced our understanding of Yuma King and highlighted the potential for a much larger copper-gold system," commented Jon Ward, CEO of Corcel Exploration. "We have demonstrated continuity of copper-gold skarn mineralization, intersected additional mineralized skarn at depth, and encountered strongly anomalous copper, gold and molybdenum within the associated porphyritic intrusions. Together, these results expand the prospective skarn footprint and provide compelling vectors toward a potentially concealed porphyry system.
With mineralization remaining open under cover to the north and northwest toward the North Skarn target, and additional untested targets at Yuma King West and Three Musketeers, Phase I has provided us with several compelling targets to advance and test during a Phase II exploration program."
2026 Yuma King Drill Program
The Phase I drill program successfully expanded the exploration footprint at the Yuma King Project. The skarn-related mineralization intersected in YK26-006 shows evidence that the mineralized skarn may be structurally duplicated by folding or faulting, or that numerous skarn-hosting horizons may be present, increasing the prospective footprint of the target area. In addition, strongly anomalous copper, molybdenum, and gold in porphyritic intrusions in these holes suggests a vector towards a possible concealed porphyry system at depth and/or to the north (Figure 1, Table 2).
Drill hole YK26-004 was designed to intersect mineralization to the north and below the historical mine workings. The hole was drilled toward the northwest at a dip of -70°. The drill hole intersected a void, presumed to be unmapped historical workings, and was lost. The assays revealed copper and gold increasing and intersected faulted skarn adjacent to the void. Single sample assays range up to 0.63% Cu, 0.27 g/t Au, and 5.4 g/t Ag over 0.75m within 10m of where the hole was lost.
Drill hole YK26-005A was drilled 160 meters to the northeast of YK26-001 and was drilled towards the south at a dip of -55°. The drill hole intersected 8.97 meters of 0.46% Cu, 0.39 g/t Au, and 3.8 g/t Ag1 (Table 1) beginning at 116 meters down hole. This mineralization is hosted in a faulted zone which includes slices of mineralized skarn sandwiched between a strongly propylitic and quartz-sericite-pyrite altered monzonite porphyry and a less-altered feldspar porphyry. Stockwork and sheeted quartz and quartz-pyrite veins are present within the interval. The hanging wall altered monzonite porphyry is strongly anomalous in copper, gold, and molybdenum (47.42 meters of 0.09% Cu, 0.06 g/t Au, and 215 ppm Mo). The hole ended at 245m depth within the footwall feldspar porphyry intrusion.
Drill hole YK26-006 was collared 175-meters to the east of YK26-001 and drilled toward the northeast at a dip of -50°. The primary objective of the hole was to test part of an induced polarization (IP) anomaly identified during the survey conducted earlier this year, as well as evaluate the mineralization and porphyry potential at depth to the northeast. The drill hole intersected two mineralized skarn zones, separated by a thick interval of variably propylitic, quartz-sericite-pyrite, and possibly patchy potassic altered or hematite-stained, possibly multi-stage monzonite porphyry intrusion(s). The upper oxide zone was encountered at a downhole depth of 28.05 and returned 4.4 meters of 0.71% Cu, 0.19 g/t Au, and 8.5 g/t Ag1. The lower sulfide zone began at a downhole depth of 212 meters and returned 24.5 meters of 0.46% Cu, 0.32 g/t Au, and 3.9 g/t Ag1 (Table 1). Between these two skarn intervals in drill hole YK26-006, the intervening monzonite porphyry returned consistently anomalous copper, gold, and molybdenum values (individual samples up to 0.22% Cu, 0.24 g/t Au, and 1100 ppm Mo within 150.7m of 608 ppm Cu, 0.04 g/t Au, and 180 ppm Mo). The monzonite porphyry between the mineralized zones features sheeted quartz and sulfide veinlets.
The deeper intersection of mineralized skarn in drill hole YK26-006 suggests that the skarn horizon may be structurally repeated, likely by folding, significantly expanding the prospective target area and highlighting additional exploration potential. The strongly anomalous copper-gold-molybdenum signature of the associated monzonite porphyry supports the interpretation that the system is related to a porphyry system nearby, most likely under cover to the north, northwest, or northeast.
Figure 1. Map showing the collar location of drill holes YK26-005A and YK26-006, in relation to recently completed holes and to historical drill holes. Location of historical underground workings is shown projected to surface.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8415/309304_7a9475d374aefae6_001full.jpg
Figure 2. Section showing the IP resistivity with down-hole assay results from historical drill holes and YK26-005A and YK26-006 that show mineralization at depth
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8415/309304_7a9475d374aefae6_002full.jpg
Table 1. Assay results from the Phase I Drill Program
DrillholeIntercept From - To (m)Intercept Thickness1 (m)Cu (%)Au (g/t)Ag (g/t)Mo (ppm)YK26-001*3.356056.651.070.797.1180including2431.857.852.281.146.8266including4553.88.82.071.8520.5312YK26-002*3070.2540.250.520.44.4985including44.25538.750.740.463.7246including54.470.2515.850.70.598.1152YK26-003*2557320.1740.042.4725including334290.250.093.57including46.653.937.330.30.044.2107YK26-00481.98897.020.160.061.4264YK26-005A68.5811647.420.090.060.43215and116124.978.970.460.393.77250YK26-00628.0532.454.40.710.198.465and50.29201150.710.060.030.5182and212236.524.50.470.323.59164including219.21229.3510.140.650.474.73141*From previous news release dated June 1, 2026, and July 13, 2026
Intercepts are drilled widths; true widths are unknown and reported intercepts may not reflect true widths. Table 2. Collar information for Phase I drill program
DrillholeEastingNorthingElevationAzimuthDipTotal DepthYK26-0012455243747879640.77341-5091.74YK26-0022455673747870650.3846-50152.4YK26-0032451813747932609.422-60103.3YK26-0042455963747960690.35258-7092.96YK26-005^2456473747967691.33180-55127.41YK26-005A2456473747967691.33180-55245.36YK26-0062456943747893700.4250-50274.32^Hole lost and re-drilled as YK26-005A and was not sampled.
Sampling, Quality Assurance/Quality Control (QA/QC)
All sampling was conducted under the supervision of Corcel's geologists, and all drill core analytical results have been monitored through the Company's quality assurance and quality control program (QA/QC). The drill core was sawn in half at Corcel's dedicated and secure core logging and processing facility near Parker, Arizona.
Half of the drill core was sampled and shipped by a bonded courier in sealed and secured woven polyester bags to Agat Laboratories in Calgary, Alberta. Core samples were prepared using standard preparation procedures 200-078 and 200-087 which involve crushing the sample to 80% less than 2mm, followed by a riffle split of 250g, and then a pulverised split to better than 85%, passing 75 microns.
Following sample preparation, the pulps were sent to the Agat Laboratories in Calgary, Alberta for analysis. Agat is registered to ISO/IEC 17025:2017 accreditations for laboratory procedures.
Drill core samples were analyzed for 48 elements, including Cu, Ag, Mo by ICP-OES/MS on a 0.2-gram aliquot using a four-acid digestion (method 201-071 and 201-470 for over-limit results). Gold was analyzed by fire assay on a 50-gram aliquot with an AAS (Atomic Absorption Spectroscopy) finish (method 202-551).
In addition to Agat Laboratories QA/QC protocols, Corcel implements a rigorous internal QA/QC program that includes the insertion of field and lab duplicates, certified reference materials (standards prepared by an independent lab) and blanks into the sample stream. Data verification of the analytical results includes a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results, and the procedures and results are considered acceptable.
Technical Disclosure
Roy Greig, Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects, and advisor to the Company, has reviewed and approved the scientific and technical information contained in this news release. Historical information referenced herein has not been independently verified by the Company's Qualified Person. The Company considers this information relevant for exploration targeting purposes, but readers should not place undue reliance on such historical information.
About Corcel Exploration Inc.
Corcel Exploration is a mineral resource company engaged in the acquisition and exploration of precious and base metals properties throughout North America. The Company has entered a long-term lease agreement to acquire the Yuma King Cu-Au project in Arizona, which spans a district-scale land position of 3,200 hectares comprising 515 unpatented federal mining claims in the Ellsworth Mining District, including the past-producing Yuma King Mine which saw underground production of copper, lead, gold and silver between 1940 and 1963. For more information, please visit our website at https://corcelexploration.com/.
Caution Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws (collectively, "forward-looking information"). Forward-looking information in this news release includes, without limitation, statements with respect to the Company's plans to conduct future drilling and other exploration work at the Project, including any Phase II drill program; the anticipated timing, scope and objectives of such work; the potential for expansion of known copper-gold-silver mineralized zones; and the potential for the Project to host additional mineralized zones. Forward-looking statements include statements regarding the interpretation of visual observations, which are preliminary in nature and subject to confirmation by assay results.
Forward-looking information is based on a number of assumptions that, while considered reasonable by the Company at the date of this news release, are inherently subject to significant business, economic, competitive, operational and regulatory uncertainties and contingencies. These assumptions include, without limitation: future commodity prices and exchange rates; availability of financing on reasonable terms; availability of equipment, personnel and infrastructure; maintenance of title and access to properties; obtaining all required regulatory, surface and community approvals on expected terms and within expected timelines; accuracy of current technical information; and the absence of material adverse changes in applicable laws, political conditions, taxation, or capital markets.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. Such risks include, without limitation: commodity price volatility; exploration, development, metallurgical and geological risk; permitting, environmental and regulatory risk; title and access risk; financing and liquidity risk; reliance on contractors and third parties; community, ESG and social license risk; political and security risk in foreign jurisdictions; operational disruptions, accidents and labour matters; changes in laws and taxation; dilution and capital markets risk; and the other risks more fully described under "Risk Factors" in the Company's continuous disclosure filings available under its profile at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309304
Source: Corcel Exploration Inc.
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Circle Internet je letos stále 10 % v mínusu, ale po zveřejnění výsledků za 2Q 2026 akcie v úterý rostou o 6 %. Tržby a výnosy z rezerv dosáhly 701 mil. USD a USDC v oběhu vzrostl na 73,3 mld. USD.
Shares of Circle Internet Group (NYSE:CRCL | CRCL Price Prediction) are trading near $70.91 Tuesday afternoon, still down 10% year to date (YTD) in 2026. That leaves CRCL stock well below the $100 mark bulls keep circling.
Here’s the setup: $100 sits comfortably inside of CRCL stock’s 52-week range of $49.90 to $189.92. Moreover, the shares trade at a trailing 12-month P/E ratio of 14.22x, which seems reasonable. The round-number recovery is plausible on paper; getting there is a different question, though.
The recent price action has been constructive. Circle Internet stock is rising 6% Tuesday, with buyers stepping back in after last week’s Q2 2026 results.
Why $100 Is Plausible The results for Q2 2026, reported on August 5, gave the bull case something to work with. Circle Internet posted total revenue and reserve income of $701 million, up 7% year over year (YoY), with adjusted EBITDA of $143 million and a swing to net income of about $48 million from a large loss a year earlier.
USDC in circulation at Circle Internet reached $73.3 billion, up 19% year over year, and the stablecoin captured 70% of stablecoin transaction volume in June. That kind of network-share leadership is exactly what a re-rating case needs.
The next act for Circle Internet is Arc, its institutional Layer-1 blockchain, with mainnet set to launch September 16. Founding validators include BlackRock (NYSE:BLK), Mastercard (NYSE:MA), and Visa (NYSE:V), plus DTCC and other major institutions. CEO Jeremy Allaire has described Arc as potentially a bigger opportunity than USDC, backed by a token presale of over $200 million.
Crypto Peers Set the Backdrop Circle Internet stock’s 10% YTD decline actually looks resilient next to crypto-linked comparables. Strategy (NASDAQ:MSTR) shares are down 37% year to date, BitMine Immersion Technologies stock is down 35%, and SharpLink Gaming shares have fallen 32%.
The iShares Bitcoin Trust ETF (NASDAQ:IBIT) is down 28% year to date, with the IBIT ETF tracking Bitcoin’s (CRYPTO:BTC) rough 2026. IBIT is single-asset spot Bitcoin exposure, unleveraged but concentrated and volatile, and its slide is a useful proxy for the sector-wide drawdown that Circle Internet has navigated.
Coinbase Global (NASDAQ:COIN) remains Circle Internet’s key USDC distribution partner and has faced its own crypto-volume headwinds this year. The read-through for CRCL stock: underperformance looks more like sector rotation than company breakage.
What It Takes to Get Back to $100 The path for Circle Internet stock back to $100 rests on four levers. USDC circulation needs to keep compounding toward the company’s 40% multi-year CAGR target, Arc needs real commercial traction after the September mainnet, Circle Payments Network (at roughly $23 billion in annualized total payment volume as of July 31) must begin monetizing in the second half of 2026, and higher-margin services need to diversify Circle away from interest-rate-sensitive reserve income.
Risks cut the other way. Circle Internet’s reserve return rate fell to 3.48%, stablecoins face commoditization and new competition, Arc carries execution risk, and the digital-asset market has been weak. Regulatory tailwinds help, though: Circle Internet holds an OCC national trust bank charter, and the GENIUS Act becomes effective January 2027.
Sentiment also has to catch up to the fundamentals for CRCL stock. Insider activity around Circle Internet has skewed toward selling near recent highs, and past earnings beats have often faded rather than compounding into durable rallies.
What to Watch The Street is split on CRCL stock. Bullish price targets run as high as the $150s, while bears at Morgan Stanley and Mizuho have cut sharply, and one model fair value was recently trimmed to $108. The analyst consensus target sits at $103.98, right near the $100 line.
Investors can watch for whether Circle Internet’s September 16 Arc mainnet launch converts institutional validators into on-chain volume, and whether Q3 2026 shows USDC circulation breaking above the recent plateau. A cautious position size makes sense here, given the wide two-way range in Street estimates and the sensitivity of reserve income to any further rate cuts.
Contact [email protected] for any questions or corrections.
Key Takeaways Circle raised 2026 other-revenue guidance to $310M-$330M, with Arc driving the increase.Arc's $242M token presale is expected to contribute $180M in 2026 as product milestones are achieved.USDC circulation ended Q2 at $73.3B, while onchain transaction volume jumped 151% to $14.8T. Circle Internet Group, Inc. (CRCL - Free Report) used its second-quarter earnings call to put Arc at the center of its next growth phase, with management framing the blockchain network as a major platform opportunity ahead of its Sept. 16 mainnet launch.
The company also raised its 2026 other-revenue outlook sharply. Earnings of $0.18 per share topped the Zacks Consensus Estimate of $0.16, while total revenues and reserve income of $701.3 million came in below the $741.8 million consensus estimate.
Circle Puts Arc at Center of Platform StrategyCo-founder, chairman and chief executive officer (CEO) Jeremy Allaire said Arc already has more than 100 ecosystem and institutional builders, with BlackRock and DTCC among the major partners preparing integrations around tokenized assets and settlement.
A Goldman Sachs analyst asked why Circle was prioritizing Arc over additional blockchain partnerships. Allaire said Arc represents one of the company’s largest opportunities and could become a broad operating-system layer for financial and economic activity.
Chief financial officer (CFO) Jeremy Fox-Geen said the shift carries near-term tradeoffs. Other revenues declined $8 million sequentially as blockchain revenue moderated and Circle deliberately directed resources toward Arc.
CRCL Lifts Arc-Driven Revenue OutlookFox-Geen raised 2026 other-revenue guidance to $310 million-$330 million from $150 million-$170 million, with Arc driving the increase.
The CFO said Circle completed a $242 million ARC Token presale in Q2 and expects to recognize $180 million in 2026 as product milestones are achieved. The remaining product portfolio is expected to contribute $130 million to $150 million.
CRCL also lifted its 2026 revenue-less-distribution-cost margin outlook to 41.7-43.7% from 38-40%. Adjusted operating-expense guidance remained $570 -$585 million, with management expecting spending near the high end.
Circle Defends USDC Distribution EconomicsUSDC ended Q2 with $73.3 billion in circulation, up 19% year over year, while average circulation reached $76.5 billion. Onchain transaction volume rose 151% to $14.8 trillion.
A Citi analyst pressed management on whether competing distribution models could pressure Circle’s economics. Allaire said Circle already has more than 150 distribution agreements and can structure additional arrangements alongside Coinbase where partners can materially expand USDC adoption.
Fox-Geen said the Hyperliquid arrangement had minimal Q2 impact because migration ramped late in the quarter, with the financial effect expected to begin in Q3. At quarter end, about 90% of Hyperliquid’s USDC was on Coinbase’s platform and 10% on Circle’s.
CRCL Moves CPN Toward MonetizationAllaire said Circle Payments Network reached $14.7 billion in annualized trailing-30-day payment volume at quarter end, up 76% sequentially, with 175 financial institutions enrolled.
By July 31, annualized payment volume had climbed to $23 billion. Allaire said the priority has been scaling the network, but Circle plans to begin monetizing CPN in the second half of 2026.
The CEO also said CPN and related payment products now reach more than 58 countries. Management positioned payments as one of three platform pillars alongside digital assets and Arc-based developer infrastructure.
Circle Builds Agentic Finance Around USDC and ArcAllaire said 99.3% of x402 agent-payment volume settles in USDC, while Circle’s Agent Stack marketplace has more than 900 paid services.
A Clear Street analyst asked when agentic commerce could become more meaningful financially. Allaire said the second-half roadmap centers on agent identity, automated discovery, reputation systems and tools that let agents earn from services.
A Needham analyst asked about Circle’s competitive position in x402. Allaire, who noted Circle was an early design partner, said growing agentic usage should support USDC transaction activity while also driving adoption of Arc infrastructure.
CRCL Ends Call With an Execution FocusManagement’s tone remained confident around Arc, USDC distribution and payments expansion, while acknowledging softer digital-asset markets and lower reserve yields as near-term constraints.
Fox-Geen maintained Circle’s multi-year 40% USDC circulation growth CAGR framework and said the company intends to keep investing in the platform. He also ruled out near-term quarterly dividends, favoring balance-sheet capacity for growth investments.
Zacks Signals Stay MixedCRCL carries a Zacks Rank #3 (Hold). Its Growth Score of B is the strongest style reading, while the Value Score of D is weaker and the Momentum and VGM Score of C each sits in the middle of the grading scale.
The combination does not carry the stronger signal associated with Zacks Rank #1 (Strong Buy) or #2 (Buy) stocks paired with an A or B Style Score. The Zacks Rank can change as earnings estimates are revised following the just-reported results.
You can see the complete list of today’s Zacks #1 Rank stocks here.
USDC ve 2. čtvrtletí rostl rychleji než širší trh: oběh stoupl o 19 % a on-chain objem transakcí vyskočil o 151 % na 14,8 bilionu USD. Circle zároveň zvýšil celkové tržby a výnosy z rezerv jen o 7 % na 701 milionů USD.
USDC is outgrowing crypto: Circulation rose 19% and transaction volume jumped 151% despite weaker digital asset markets.
Competition is pressuring margins: Rival stablecoins are offering distributors more of the reserve-income economics.
Circle is betting on infrastructure: Payments, Arc and AI-agent commerce are designed to diversify revenue beyond interest income.
Circle’s latest earnings suggest USDC is beginning to separate from the crypto cycle just as autonomous software agents create a potentially new market for digital payments.
But the company’s second quarter 2026 earnings call Wednesday (Aug. 5) exposed the central tension in its evolution from stablecoin issuer to financial infrastructure company: Circle’s USDC is moving through the digital economy at extraordinary speed, but the revenue generated from that activity remains tied primarily to interest rates and the amount of money sitting in circulation.
“Our quarterly financial results reflect the current rate environment and a crypto market that has slowed — both are conditions outside our network. But near-term activity tells a different story. We received our federal trust bank charter; Arc is launching on public mainnet September 16th; we launched the Agent Stack to put programmable money at the center of the agentic economy; and the institutions using USDC today, like BlackRock, BNY, and Standard Chartered aren’t piloting, they are expanding,” Circle Co-Founder, CEO and Chairman Jeremy Allaire said.
USDC’s share of the fiat-backed dollar stablecoin market ended the quarter at 27%, down 66 basis points year over year, even as circulation increased. The company also reported $83 billion of USDC minted and $87 billion redeemed, illustrating how fluid stablecoin balances can be. USDC on-chain transaction volume reached $14.8 trillion during the quarter, up 151% year over year; while Circle’s total revenue and reserve income increased a comparatively modest 7% to $701 million. USDC circulation ended the period at $73.3 billion, up 19%.
But the central question facing investors is no longer whether USDC continues growing. It is whether Circle can successfully evolve before the economics of stablecoin issuance become commoditized.
Circle’s shares have swung sharply in recent weeks amid concerns that a consortium-backed rival stablecoin, Open USD, could pressure the economics underlying USDC. Wall Street remains divided over whether Circle’s competitive advantages can offset a business model that still derives most of its revenue from interest earned on reserves.
Read more: Crypto Experts Tell PYMNTS Where Digital Assets Go Next
Stablecoin Competition Is Shifting From Tokens to Economics Circle is positioning USDC not simply as a digital dollar that generates interest income, but as the settlement asset inside a broader network of payments, tokenized assets, institutional liquidity and autonomous software.
For now, however, Circle remains fundamentally a reserve-income business. The company generated $668 million of reserve income in the quarter, representing roughly 95% of total revenue and reserve income. Reserve income rose 5% from a year earlier as average USDC circulation increased 25%, partially offset by a 66-basis-point decline in the reserve return rate to 3.5%. Other revenue, which includes subscription and services revenue, rose 41% but remained comparatively small at $34 million.
Management largely avoided discussing competitors directly during Circle’s earnings call. Instead, executives emphasized something different: network effects. The company noted it now works with more than 15 banking partners, over 150 commercial distribution partners and thousands of companies building products around USDC. Management also argued that roughly 70% of companies participating in newly announced consortium efforts already use USDC today.
The company’s revised guidance also reflects an attempt to accelerate its diversification from the rest of the stablecoin landscape. Circle more than doubled its 2026 other-revenue outlook, raising it from $150 million to between $310 million and $330 million. However, the new forecast includes recognized revenue from a presale of its planned ARC token, meaning the increase should not be interpreted entirely as recurring operating revenue.
See also: Crypto Stopped Fighting Banks and Started Copying Them
Payments Are Becoming the Distribution Layer for Digital Asset Financial Services Perhaps Circle’s most revealing statistic from the quarter wasn’t revenue. It was that USDC circulation increased 19% year over year while the broader digital asset market declined roughly 40%. Management repeatedly highlighted that divergence as evidence that USDC is becoming less dependent on cryptocurrency trading cycles and increasingly tied to enterprise payments, settlement and financial infrastructure.
The Circle Payments Network reached an annualized transaction volume of $14.7 billion based on the final 30 days of the quarter, up 76% sequentially. The network had enrolled 175 financial institutions, an increase of 29% from the previous quarter.
The company is applying a similar approach to artificial intelligence commerce. Circle said its Agent Stack already supports more than 900 paid services, while USDC accounts for 99.3% of payment volume using the x402 agent-payment protocol. Circle plans to add capabilities that allow autonomous agents not only to spend money but also to earn it. Importantly, management did not present agent commerce as an immediate revenue opportunity. Instead, executives argued that AI activity would ultimately increase stablecoin balances, payment velocity and usage of Circle’s broader infrastructure.
Data in “Waiting for Certainty: Why Most CFOs Are Holding Back on Crypto and Stablecoins”, a recent installment of PYMNTS Intelligence’s 2026 Certainty Project, shows that most middle market companies remain cautious about digital assets: 13% of firms use stablecoins and just 5% use other cryptocurrencies.
NEW YORK--(BUSINESS WIRE)--Circle Internet Group, Inc. (NYSE: CRCL) today announced results for the second quarter of fiscal year 2026.
Financial Highlights (Q2’26 vs. Q2’25)
USDC in circulation of $73.3 billion at quarter end, 19% growth year-over-year; USDC onchain transaction volume in Q2’26 of $14.8 trillion grew 151% year-over-year. Total revenue and reserve income in Q2’26 of $701 million grew 7% year-over-year. Net income from continuing operations in Q2’26 of $48 million increased $530 million year-over-year, driven by prior-year IPO stock-based compensation impacts. Adjusted EBITDA in Q2’26 of $143 million grew 8% year-over-year. Business Highlights
Arc today has over 100 ecosystem and institutional builders. September 16 public mainnet launch will unveil a full product suite that includes privacy capabilities, an agent stack for programmable finance, and support for tokenized real-world assets. Network Validators: Circle announced the founding third party validator cohort for Arc today, a curated set of global financial institutions representing a new model for blockchain infrastructure where the institutions that depend on network integrity are also the institutions that secure it. Alongside Circle, validators include: BlackRock, The Depository Trust & Clearing Corporation (DTCC), Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, and Visa. Financial Institution Traction: BlackRock, BNY, DTCC, and Standard Chartered each building and exploring integrations with Arc, spanning tokenized asset settlement, digital asset custody, stablecoin access, and FX and repo infrastructure. BlackRock is expected to deploy BUIDL, the BlackRock USD Institutional Digital Liquidity Fund, on Arc. DTCC will enable the tokenization of The Depository Trust Company (DTC)-custodied assets on Arc. New and Expanded USDC Use Cases/Commercial Updates BNY expanded its partnership with Circle, adding USDC minting and redemption directly within BNY's Digital Asset Custody platform, building on BNY's existing role as primary custodian of USDC reserves. Grupo Bind announced a collaboration with Circle to bring USDC access to institutions in Argentina. A major step for USDC/ARS liquidity. JCB combined Circle’s stablecoin infrastructure with JCB's global merchant network, focusing initially on cross-border treasury transfers using USDC and in-store stablecoin payment experiences for merchants and international visitors in Japan. Kakao Group began exploration of blockchain payment infrastructure and USDC integration in Korea. Marex enabled the first stablecoin-powered initial margin transaction in regulated derivatives clearing — allowing institutional clients to post USDC as collateral for CFTC-regulated derivatives under the December 2025 CFTC no-action letter. Nium partnered with Circle to connect USDC settlement with their global payout infrastructure across 190+ countries, permitting financial institutions to move funds via USDC through the Circle Payments Network and settle in local currencies. Standard Chartered launched integrated access to USDC minting and redemption, allowing institutional clients to convert between fiat and USDC through a single bank-led onboarding experience. Trust Bank Approvals: Circle received final approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, Circle National Trust, which makes Circle one of the first stablecoin issuers to hold a federal bank charter. The approval authorizes federally regulated digital asset custody and enables future capabilities, including management of the USDC Reserve, which would further enhance the safety, transparency, and trust of USDC. Additionally, Circle received approval from the New York Department of Financial Services to open Circle New York Trust as a digital asset-focused limited purpose trust company. Continued CPN Expansion: CPN reached $14.7 billion in annualized transaction volume for the trailing 30 days as of the end of Q2, up 76% quarter-over-quarter, with 175 financial institutions enrolled, up 29% quarter-over-quarter. Agentic Economy Momentum: After shipping payment infrastructure for agents in H1, Circle launched Agent Stack in May 2026 — currently home to 900+ paid services — with 99.3% of x402 agent-payment volume settling in USDC. Circle will turn to a more fulsome agentic product roadmap in H2 that includes enabling agents to earn. “Our quarterly financial results reflect the current rate environment and a crypto market that has slowed – both are conditions outside our network. But near-term activity tells a different story. We received our federal trust bank charter; Arc is launching on public mainnet September 16th; we launched the Agent Stack to put programmable money at the center of the agentic economy; and the institutions using USDC today, like BlackRock, BNY, and Standard Chartered aren't piloting, they are expanding," said Jeremy Allaire, Co-Founder, CEO, and Chairman at Circle. "We have built the platform for the internet financial system – for traditional and digital finance, real-world assets, and the institutions that move the world's capital. That trust is earned, not assumed, and it took over a decade to build. We're only beginning to see what it unlocks."
Key Financial Results and Operating Indicators
The following table presents our key financial results and operating indicators, as well as the relevant GAAP measures, for the periods indicated:
Key Financial Results
Q2 2026
YoY
Change
($ in millions unless noted otherwise)
Total Revenue and Reserve Income
$701
7%
Revenue Less Distribution Costs(1)
$289
15%
RLDC Margin(2)
41%
302bps
Net Income from Continuing Operations
$48
n.m.
Net Income from Continuing Operations Margin(3)
7%
n.m.
Adjusted EBITDA(4)
$143
8%
Adjusted EBITDA Margin(4)
50%
(329bps)
Key Operating Indicators
Q2 2026
YoY
Change
($ in billions unless noted otherwise)
USDC in Circulation, end of period
$73.3
19%
USDC in Circulation, average of period
$76.5
25%
Reserve Return Rate
3.5%
(66bps)
USDC on Platform, end of period
$12.4
106%
USDC on Platform, daily weighted average percentage
19.5%
1,204bps
n.m. = not meaningful
(1) Revenue Less Distribution Costs (RLDC) is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs.
(2) RLDC Margin is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs as a percentage of Total Revenue and Reserve Income.
(3) Net Income from Continuing Operations Margin is calculated as Net Income from Continuing Operations / Total Revenue and Reserve Income.
(4) Refer to Non-GAAP Financial Measures for further details and a reconciliation of the GAAP to non-GAAP measures presented. Adjusted EBITDA Margin is calculated as Adjusted EBITDA (New Definition) / Total Revenue and Reserve Income less Total Distribution, Transaction & Other Costs. See the Appendix for a reconciliation.
Second Quarter 2026 Financial Highlights and Operating Results
Reserve Income of $668 million increased 5% year-over-year, primarily from the 25% growth in average USDC in Circulation, partially offset by a 66 bps decline in the Reserve Return Rate. Other Revenue of $34 million increased 41% year-over-year from growth in subscription and services revenue. Total Distribution, Transaction and Other Costs of $412 million increased 1% year-over-year, mostly from increased distribution payments. Operating Expenses of $254 million decreased 56% year-over-year, primarily due to lower stock-based compensation expense following our IPO in Q2 2025. Adjusted Operating Expenses of $146 million increased 23% year-over-year, primarily driven by continued investment in product development, infrastructure, and AI capabilities. Net Income of $48 million increased $530 million year-over-year, primarily due to lower stock-based compensation expense following our IPO in Q2 2025. Adjusted EBITDA of $143 million increased 8% year-over-year reflecting the revenue growth from higher USDC in circulation, partially offset by increased investment in costs related to new products. Other Platform Metrics
Q2 2026
YoY
Change
(USDC related figures in $ billions; meaningful wallets in millions)
USDC Minted
$83
97%
USDC Redeemed
$87
113%
Stablecoin Market Share, end of period(1)
27%
(66bps)
Meaningful Wallets, end of period(2)
7.0
24%
Guidance
To give investors insight into our business and expectations, management is providing guidance on the following key performance indicators.
Key Indicator
Period
Previous Guidance
Revised Guidance
USDC in Circulation
Multi-year through cycle
40% CAGR
40% CAGR
Other Revenue
FY 2026
$150-$170M
$310-$330M(3)
RLDC Margin(1)
FY 2026
38-40%
41.7-43.7%(3)
Adjusted Operating Expenses(2)
FY 2026
$570-$585M
$570-$585M
Conference Call and Livestream Information
Financial results and business highlights will be discussed during a livestream webcast event at 8 a.m. ET, hosted through Circle’s official channels on YouTube and X. An audio only version of the livestream and all related materials will be hosted on Circle’s Investor Relations website at https://investor.circle.com where a replay of the call and transcript will also be available shortly following earnings.
In addition to filings with the Securities and Exchange Commission, Circle uses its Investor Relations website (https://investor.circle.com), its blog (https://www.circle.com/blog), press releases (https://www.circle.com/pressroom), public conference calls and webcasts, its X feed (https://x.com/circle), its YouTube channel (https://www.youtube.com/@BuildOnCircle), and its LinkedIn page (https://www.linkedin.com/company/circle-internet-financial) as a means of disclosing material nonpublic information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these sites in addition to following Circle’s SEC filings.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position; our plans with respect to the anticipated future expenses and investments; expectations relating to certain of our key financial and operating metrics; our business strategy and plans; expectations relating to legal and regulatory proceedings; expectations relating to our industry, the regulatory environment, market conditions, trends and growth; expectations relating to customer behaviors and preferences; our market position; potential market opportunities; and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, but not limited to: intense and increasing competition from new and existing issuers offering competing products, combined with the rise of yield-bearing digital assets, including TMMFs, that are attractive to digital asset trading participants, may reduce market demand and circulation of Circle stablecoins; stablecoins may face periods of uncertainty, loss of trust, or systemic shocks resulting in the potential for rapid redemption requests (or runs), and extreme scenarios, such as market shocks that affect the value of USDC’s reserves or simultaneous requests to redeem all or substantially all USDC in circulation, or concerns related to Circle stablecoin reserves, may lead to redemption delays and USDC reserves being insufficient to meet all redemption requests; as a relatively new innovation, stablecoins are particularly susceptible to operational challenges and risks, including due to surges in demand; any negative publicity regarding stablecoins or the broader digital asset industry may have an outsized negative effect on consumer confidence; the acceptance of Circle stablecoins could be negatively impacted by disruptions in secondary marketplaces that facilitate the purchase and sale of Circle stablecoins; the GENIUS Act will change the payment stablecoin ecosystem and may affect our business in ways that cannot yet be known; the GENIUS Act amends the U.S. federal securities laws to explicitly exclude from the definition of “security” payment stablecoins issued by PPSIs, which will include USDC, however, until those amendments are effective, we will continue to rely on our conclusion that USDC is not a security under the U.S. federal securities laws; we hold a substantial amount of USDC reserves in the Circle Reserve Fund and thus are subject to risks associated with the issuer, the manager, and the custodian of the Circle Reserve Fund; any significant disruption in our or our third-party service providers’ or partners’ technology could result in a loss of customers or funds and adversely impact our business, results of operations, financial condition, and prospects; our customers’ funds and digital assets may fail to be adequately safeguarded by us or the third-party service providers upon whom we rely; our inability to maintain existing relationships with financial institutions and similar firms or to enter into new such relationships could impact our ability to offer services to customers; we are subject to credit risks in respect of counterparties, including banks and other financial institutions; if we are unable to maintain existing distribution arrangements or enter into additional distribution arrangements on less favorable financial terms, USDC and EURC in circulation and Circle’s financial results may be adversely affected; Arc and the ARC Token involve execution, market, and operational risk, including risks relating to launch timing, ecosystem adoption in a competitive blockchain market, technology and cybersecurity vulnerabilities, validator and governance dynamics, token price volatility, and the operational complexity of running the network and related treasury infrastructure; Arc and the ARC Token present legal, regulatory, and structural risk, including uncertainty under securities and other financial regulatory regimes, risks arising from token presale and distribution arrangements, potential liability tied to third-party ecosystem participants, conflicts and governance issues during any transition to decentralization, and possible repayment obligations if key launch milestones are not achieved; our products and services may be exploited by our customers, employees, service providers, and other third parties to facilitate illegal activity such as fraud, money laundering, terrorist financing, gambling, tax evasion, and scams; our compliance and risk management methods might not be effective; fluctuations in interest rates could impact our results of operations; we are subject to an extensive and highly evolving regulatory landscape; the regulatory environment to which we are subject gives rise to various licensing requirements, significant compliance costs and other restrictions, and noncompliance could result in a range of penalties, including fines, compliance costs, operational restrictions, reputational damage, and loss of licenses; we are subject to laws, regulations, and executive orders regarding economic and trade sanctions, anti-bribery, AML, and counter-terrorism financing that could impair our ability to compete in international markets or subject us to criminal or civil liability if we violate them; insiders will continue to have substantial control over Circle and limit shareholders’ ability to influence the outcome of key transactions, including a change of control; and our development and use of artificial intelligence in our business could result in reputational harm, competitive harm, and legal liability. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. For a detailed discussion of the risks, uncertainties, and other factors that could cause our actual results to differ materially from those anticipated or expressed in any forward-looking statements, see the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on March 9, 2026 as well as in other filings we may make with the SEC from time to time. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. Nothing in this communication constitutes an offer to sell or a solicitation of an offer to buy securities or an invitation or inducement to engage in investment activity.
About Circle Internet Group, Inc.
Circle (NYSE: CRCL) is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is building the world’s largest, most-widely used, stablecoin network, and issues, through its regulated affiliates, USDC and EURC stablecoins. Circle provides a comprehensive suite of financial and technology services that empower enterprises and developers to integrate stablecoins and blockchains into their products, services and business operations.
CIRCLE INTERNET GROUP, INC. – CONDENSED CONSOLIDATED BALANCE SHEETS
(in $ thousands, except share information)
June 30,
2026
December 31, 2025
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
1,730,126
$
1,526,046
Cash and cash equivalents segregated for corporate-held stablecoins
889,311
822,963
Cash and cash equivalents segregated for the benefit of stablecoin holders
73,161,172
75,067,932
Accounts receivable, net
105,431
62,866
Prepaid expenses and other current assets
283,578
321,660
Total current assets
76,169,618
77,801,467
Non-current assets:
Restricted cash
12,806
2,792
Investments
103,757
84,265
Fixed assets, net
22,177
22,791
Digital assets
106,539
86,515
Goodwill
265,742
265,742
Intangible assets, net
446,577
411,146
Deferred tax assets, net
11,354
11,110
Other non-current assets
26,890
27,379
Total assets
$
77,165,460
$
78,713,207
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Deposits from stablecoin holders
$
72,927,544
$
74,912,567
Accounts payable and accrued expenses
418,588
360,609
Convertible debt, net of debt discount
—
36,821
Other current liabilities
256,021
18,398
Total current liabilities
73,602,153
75,328,395
Non-current liabilities:
Deferred tax liabilities, net
28,495
28,702
Other non-current liabilities
24,837
25,337
Total liabilities
$
73,655,485
$
75,382,434
Stockholders’ equity
Class A common stock ($0.0001 par value; 2.5 billion authorized as of June 30, 2026 and December 31, 2025; 233.5 million and 223.6 million issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)
25
24
Class B common stock ($0.0001 par value; 500.0 million authorized as of June 30, 2026 and December 31, 2025; 19.2 million and 18.7 million issued and outstanding as of June 30, 2026 and December 31, 2025)
2
2
Class C common stock ($0.0001 par value; 500.0 million authorized as of June 30, 2026 and December 31, 2025; nil issued and outstanding as of June 30, 2026 and December 31, 2025)
—
—
Treasury stock at cost (4.6 million and 4.7 million shares held as of June 30, 2026 and December 31, 2025, respectively)
(2,645
)
(2,721
)
Additional paid-in capital
4,693,986
4,610,216
Accumulated deficit
(1,189,235
)
(1,292,709
)
Accumulated other comprehensive income
6,449
14,515
Total stockholders’ equity attributable to common stockholders
3,508,582
3,329,327
Noncontrolling interests
1,393
1,446
Total stockholders’ equity
3,509,975
3,330,773
Total liabilities and stockholders’ equity
$
77,165,460
$
78,713,207
CIRCLE INTERNET GROUP, INC. – CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in $ thousands, except per share information)
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Revenue and reserve income
Reserve income
$
667,733
$
634,274
$
1,320,241
$
1,192,185
Other revenue
33,582
23,804
75,207
44,466
Total revenue and reserve income
701,315
658,078
1,395,448
1,236,651
Distribution, transaction and other costs
Distribution and transaction costs
410,414
406,472
815,816
753,784
Other costs
2,056
470
3,435
805
Total distribution, transaction and other costs
412,470
406,942
819,251
754,589
Operating expenses
Compensation expenses
133,999
503,392
272,126
579,012
General and administrative expenses
66,273
43,140
123,534
73,824
Depreciation and amortization expenses
29,896
14,209
56,663
28,089
IT infrastructure costs
16,359
8,760
29,081
16,432
Marketing expenses
8,657
7,910
15,274
11,770
Digital assets losses (gains)
(698
)
(693
)
158
5,577
Total operating expenses
254,486
576,718
496,836
714,704
Operating income (loss) from continuing operations
34,359
(325,582
)
79,361
(232,642
)
Other income (expense), net
17,947
(160,421
)
29,630
(163,524
)
Net income (loss) from continuing operations before income taxes
52,306
(486,003
)
108,991
(396,166
)
Income tax expense (benefit)
4,092
(3,903
)
5,531
21,143
Net income (loss) from continuing operations
48,214
(482,100
)
103,460
(417,309
)
Less: Net loss attributable to noncontrolling interests
(7
)
—
(14
)
—
Net income (loss) attributable to common stockholders
$
48,221
$
(482,100
)
$
103,474
$
(417,309
)
Earnings (loss) per share attributable to common stockholders:
Basic
$
0.19
$
(4.48
)
$
0.42
$
(5.04
)
Diluted
$
0.18
$
(4.48
)
$
0.39
$
(5.04
)
Weighted-average common shares used in computing earnings (loss) per share attributable to common stockholders:
Basic
248,183
107,514
246,122
82,877
Diluted
268,637
107,514
267,940
82,877
Quarterly Results of Operations
The following table summarizes certain key financial performance measures derived from our unaudited quarterly consolidated statements of operations data for each of the three months ended June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026, and June 30, 2026. The information for each of these periods has been prepared on the same basis as our audited annual consolidated financial statements and, in the opinion of management, reflects all adjustments of a normal, recurring nature that are necessary for the fair statement of the results of operations for these periods.
Three Months Ended
(in $ millions, except RLDC Margin and Net Reserve Margin)
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
Reserve Income
$
668
$
653
$
733
$
711
$
634
Other Revenue
34
42
37
29
24
Total Revenue and Reserve Income
$
701
$
694
$
770
$
740
$
658
Distribution and Transaction Costs
$
410
$
405
$
461
$
447
$
406
Other Costs
2
1
1
0
0
Total Distribution, Transaction and Other Costs
$
412
$
407
$
461
$
448
$
407
Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs
$
289
$
287
$
309
$
292
$
251
RLDC Margin(1)
41
%
41
%
40
%
39
%
38
%
Net Reserve Margin(2)
39
%
38
%
37
%
37
%
36
%
Note: Figures presented may not sum precisely due to rounding.
Non-GAAP Financial Measures
We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, Adjusted EBITDA and Adjusted Operating Expenses are non-GAAP financial measures regarding our operational performance.
Management and our board of directors use non-GAAP financial measures to (i) monitor and evaluate the growth and performance of our business operations, (ii) evaluate our historical and prospective financial performance as well as our performance relative to our competitors, (iii) review and assess the performance of our management team and other employees, and (iv) prepare budgets and evaluate strategic investments. Accordingly, we believe that non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Non-GAAP financial measures, including Adjusted EBITDA and Adjusted Operating Expenses, have limitations as financial measures and should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with GAAP.
Adjusted EBITDA
Adjusted EBITDA is calculated as net income (loss) from continuing operations excluding: net income (loss) attributable to noncontrolling interests; depreciation and amortization expenses; interest expense, net of amortization of discounts and premiums; interest income; income tax expense (benefit); stock-based compensation expense and payroll tax expense related to stock-based compensation; certain legal expenses; realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments; realized (gains) losses on available-for-sale debt securities; impairment losses on strategic investments; restructuring expenses; acquisition-related costs; change in fair value of convertible debt, warrant liability, embedded derivatives and U.S. Treasury securities; charitable contributions to Circle Foundation; losses on sale of long-lived assets; and foreign currency exchange (gains) losses.
Beginning in the first quarter of 2026, we have amended the above definition of Adjusted EBITDA to exclude payroll tax expense related to stock-based compensation, because these taxes are directly related to stock-based compensation expense which is already excluded from Adjusted EBITDA. These expenses represent employer payroll taxes related to the vesting and settlement of certain equity awards, and are variable with our stock price and other factors outside of our control.
We believe it is useful to exclude non-cash charges, such as depreciation and amortization, stock-based compensation expense, and change in fair value of various financial instruments as well as certain cash charges such as payroll tax related to stock-based compensation from Adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax expense (benefit), interest income, interest expense, and non-routine items as these items are not components of our core business operations.
Adjusted Operating Expenses
Adjusted Operating Expenses excludes depreciation and amortization, charitable contributions to Circle Foundation, digital assets losses (gains), and stock-based compensation. Beginning in the first quarter of 2026, we have amended the definition of Adjusted Operating Expenses to exclude (a) payroll tax expense related to stock-based compensation, because these taxes are directly related to stock-based compensation expense which is already excluded from Adjusted Operating Expenses and these taxes are variable with our stock price and other factors outside of our control (which will also be reflected in Adjusted EBITDA as discussed above), as well as (b) certain one-time legal expenses, acquisition-related costs, and where relevant, restructuring expenses, as they reflect the same adjustments as in Adjusted EBITDA.
We believe it is useful to exclude certain non-cash charges from Adjusted Operating Expenses because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations.
We have provided a reconciliation below of Adjusted EBITDA to Net Income (loss) from Continuing Operations and of Adjusted Operating Expenses to Operating Expenses, in each case, the most directly comparable GAAP financial measure.
CIRCLE INTERNET GROUP, INC. – RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) FROM CONTINUING OPERATIONS
(in $ thousands)
Three Months Ended
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
Net income (loss) from continuing operations
$
48,214
$
55,246
$
133,406
$
214,385
$
(482,100
)
Less: Net loss attributable to noncontrolling interests
(7
)
(7
)
(10
)
—
—
Net income (loss) attributable to common stockholders
$
48,221
$
55,253
$
133,416
$
214,385
$
(482,100
)
Adjusted for:
Depreciation and amortization expenses
29,896
26,767
25,536
23,002
14,209
Interest expense, net of amortization of discounts and premiums
64
38
193
354
344
Interest income(1)
(14,517
)
(13,709
)
(16,302
)
(13,453
)
(9,952
)
Income tax expense (benefit)
4,092
1,439
6,776
(61,294
)
(3,903
)
Stock-based compensation expense
53,599
51,836
59,414
59,081
434,966
Legal expenses(2)
10,341
7,019
2,875
3,014
1,706
Realized and unrealized losses (gains), net, on digital assets held for investment, other related investments and strategic investments
(3,702
)
3,325
(25,074
)
(2,267
)
(5,738
)
Impairment losses on strategic investments
115
251
—
500
506
Acquisition-related costs(3)
1,920
1,870
—
—
—
Change in fair value of convertible debt, warrant liability, embedded derivatives, and U.S. Treasury securities
1,876
4,108
(42,472
)
(56,212
)
167,724
Charitable contributions to Circle Foundation(4)
5,411
7,737
23,149
—
—
Losses on sale of long-lived assets
—
—
—
6
4
Foreign currency exchange (gains) losses
(1,475
)
(5,121
)
(29
)
(655
)
8,067
Adjusted EBITDA (Prior Definition)
$
135,841
$
140,813
$
167,482
$
166,461
$
125,833
Stock-based compensation related payroll expense(5)
7,637
10,588
8,428
5,015
7,164
Adjusted EBITDA (New Definition)
$
143,478
$
151,401
$
175,910
$
171,476
$
132,997
(1)
Reflects interest income from corporate cash and cash and cash equivalents balances. For the avoidance of doubt, this amount does not include the impact of reserve income.
(2)
Reflects litigation expenses related to the FT Partners litigation, legal and settlement expenses related to legacy businesses, and legal fees and other costs related to one-time regulatory matters.
(3)
Reflects special one-time compensation related to an asset acquisition that closed in January 2026.
(4)
Reflects the charge related to the charitable contribution of shares of our Class A common stock for the benefit of Circle Foundation, a donor-advised fund.
(5)
Beginning in the first quarter of 2026, we have amended the definition of Adjusted EBITDA to exclude payroll tax expense related to stock-based compensation.
CIRCLE INTERNET GROUP, INC. – RECONCILIATION OF ADJUSTED OPERATING EXPENSES TO OPERATING EXPENSES
(in $ thousands)
Three Months Ended
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
Operating expenses
$
254,486
$
242,350
$
253,595
$
211,127
$
576,718
Adjusted for:
Stock-based compensation expense and related payroll taxes(1)
(61,236
)
(62,424
)
(67,842
)
(64,096
)
(442,130
)
Depreciation and amortization expenses(2)
(29,896
)
(26,767
)
(25,536
)
(23,002
)
(14,209
)
Digital assets losses (gains)(3)
698
(856
)
(1,387
)
1,671
693
Charitable contributions to Circle Foundation(4)
(5,411
)
(7,737
)
(23,149
)
—
—
Legal expenses(5)
(10,341
)
(7,019
)
(2,875
)
(3,014
)
(1,706
)
Acquisition-related costs(6)
(1,920
)
(1,870
)
—
—
—
Adjusted Operating Expenses
$
146,380
$
135,677
$
132,806
$
122,686
$
119,366
(1)
Stock-based compensation expense represents equity compensation and associated payroll taxes.
(2)
Depreciation and amortization expenses include depreciation of fixed assets, and amortization of capitalized engineering costs and intangible assets.
(3)
Digital assets losses (gains) represent the fair value losses/gains of digital assets, a non-cash expense.
(4)
Charitable contributions to Circle Foundation reflects the charge related to the charitable contribution of shares of our Class A common stock for the benefit of Circle Foundation, a donor-advised fund.
(5)
Reflects litigation expenses related to the FT Partners litigation, legal and settlement expenses related to legacy businesses, and legal fees and other costs related to one-time regulatory matters.
(6)
Reflects special one-time compensation related to an asset acquisition that closed in January 2026.
CIRCLE INTERNET GROUP, INC. – FORWARD OUTLOOK RECONCILIATION OF ADJUSTED OPERATING EXPENSES TO OPERATING EXPENSES
(in $ millions)
FY26
Low
High
Operating expenses
$
949
$
1,039
Adjusted for:
Stock-based compensation expense and related payroll taxes(1)
(219
)
(249
)
Depreciation and amortization expenses(2)
(116
)
(141
)
Digital assets losses (gains)(3)
–
–
Charitable contributions to Circle Foundation(4)
(22
)
(22
)
Legal expenses(5)
(14
)
(34
)
Acquisition-related costs(6)
(8
)
(8
)
Adjusted Operating Expenses
$
570
$
585
(1) Stock-based compensation expense represents equity compensation and associated payroll taxes. The range of guidance depends on incremental headcount through the rest of the year and stock price.
(2) Depreciation and amortization expense includes depreciation of fixed assets, and amortization of capitalized engineering costs and intangible assets. The range of the guidance depends on capitalization rates, total SBC and cash compensation throughout the rest of the year.
(3) Digital assets losses (gains) represent the year to date fair value losses/gains of digital assets, a non-cash expense, and we are not forecasting the amounts in 2026.
(4) Charitable contributions to Circle Foundation represents our anticipated transfer of 268,239 shares of Class A common stock to the Donor Advised Fund for the Circle Foundation and is a non-cash expense arising from donating the company’s equity. The amount is estimated using the average of the high and low stock price of CRCL on July 31, 2026 ($61.09), however, such amount will be dependent on the stock price on the date of the transfer of the applicable shares, which is expected to occur in substantially equal quarterly installments throughout 2026.
(5) Represents estimated fees associated with specific nonrecurring costs, including the one-time implementation of new governance structures to meet U.S. regulatory requirements.
(6) Reflects special one-time compensation related to an asset acquisition that closed in January 2026.
Circle Internet čeká za 2. čtvrtletí tržby 741,81 mil. USD, což je meziročně o 12,72 % více. Vyšší oběh USDC může pomoci, ale nižší výnosy z rezerv a rostoucí náklady tlačí na marže a zisk.
Key Takeaways Circle Internet is expected to post Q2 revenues of $741.81 million, up 12.72% year over year.USDC circulation growth may support revenues, while lower reserve yields could limit core earnings.Rising distribution, transaction and operating costs may pressure margins and reported profit. Circle Internet Group (CRCL - Free Report) is scheduled to report second-quarter 2026 earnings on Aug. 5.
The Zacks Consensus Estimate for second-quarter revenues is currently pegged at $741.81 million, indicating a 12.72% year-over-year increase. The consensus mark for EPS is pegged at 16 cents, which has declined marginally over the past 30 days. This also implies a year-over-year deterioration of 84.31%.
Circle Internet’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average negative surprise of 174.60%.
Let’s see how things are likely to have shaped up for CRCL before the announcement.
Key Factors to Note Ahead of CRCL’s Q2 ResultsCircle Internet’s second-quarter report is likely to test whether rapid USDC adoption can continue offsetting weaker reserve yields and rising costs. The first-quarter revenues and reserve income rose 20% to $694 million, but net income fell 15%, showing that strong top-line growth did not fully reach shareholders.
The main focus is expected to have been on USDC circulation. It ended the first quarter at $77 billion, up 28% year over year, while average circulation grew 39%. CRCL is likely to have benefited from further adoption during the second quarter, though increased competition from other stablecoins and yield-bearing products may have tempered its growth momentum.
Reserve income may have remained under pressure. Circle Internet’s reserve return rate fell to 3.5% in the first quarter, down 66 basis points year over year. Even with higher USDC balances, lower yields are likely to have limited revenue growth, leaving the company dependent on circulation gains to protect its core earnings engine.
Margins are another concern. The first-quarter’s 41% RLDC margin was helped by stronger other revenues, more USDC held on Circle and Coinbase, and lower activity in some heavily incentivized channels. Management is still guided to 38-40% for 2026, suggesting that the second quarter may have shown some normalization as distribution and transaction costs rise.
Nevertheless, Circle Internet’s Agent Stack, nanopayments, Agent Wallets and marketplace could expand USDC use, while CPN and Arc support the broader platform story. However, these initiatives are still in the early stages and may have added spending before producing meaningful revenues. With adjusted operating expenses guided to $570-$585 million for 2026, second-quarter results may have shown healthy network growth but continued pressure on reported profit.
What Our Model Says About CRCL StockOur proven model does not conclusively predict an earnings beat for Circle Internet this time around. Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that is not the case here.
Circle Internet currently has an Earnings ESP of +14.81% and a Zacks Rank #4 (Sell).
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to ConsiderHere are some companies worth considering, as our model shows that they have the right combination of elements to beat on earnings in their upcoming releases:
Dave Inc. (DAVE - Free Report) currently has an Earnings ESP of +1.42% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
DAVE shares have gained 90.1% in the year-to-date period. Dave is set to report second-quarter 2026 results on Aug. 5.
Duolingo, Inc. (DUOL - Free Report) currently has an Earnings ESP of +9.02% and a Zacks Rank #2.
Duolingo shares have declined 24.9% in the year-to-date period. DUOL is slated to report second-quarter 2026 results on Aug. 5.
Circle v premarketu klesla o 6 % po snížení ratingu od Morgan Stanley na Underweight; banka čeká pomalejší růst USDC. TD Cowen naopak zahájila pokrytí s doporučením Buy.
Shares of Circle Internet Group fell sharply in premarket trading on Monday after Morgan Stanley downgraded the stablecoin issuer, while TD Cowen initiated coverage with a bullish rating, highlighting a growing divide on Wall Street over the company's long-term prospects.
Circle stock declined 6% to $58.81 in premarket trading following the contrasting analyst calls.
Meanwhile, Bitcoin traded 0.64% lower over the past 24 hours at $62,625.
Morgan Stanley cut its rating on Circle to Underweight from Equal Weight and slashed its price target to $38 from $106, while TD Cowen began coverage with a Buy rating and an $82 price target, implying significant upside from current levels.
Morgan Stanley's downgrade was driven by expectations that the circulation of USDC, Circle's dollar-pegged stablecoin, will grow more slowly than previously anticipated.
The brokerage reduced its forecasts for USDC circulation in 2027 and 2028 by 33% and 44%, respectively, challenging Circle's target of achieving average annual growth of 40% across market cycles.
"USDC has effectively not grown" since the third quarter of last year, analysts noted.
The brokerage added that broader adoption has yet to materialize as "utility beyond remittances and stablecoin-linked card spending has yet to gain meaningful traction."
Morgan Stanley argued that while payment companies including Mastercard and Stripe have increasingly embraced stablecoin technology, practical adoption remains limited.
Citing McKinsey data, the brokerage said stablecoin transaction volume reached about $35 trillion in 2025, but only around $390 billion represented identifiable real-world payments.
Analysts added that payment activity remains concentrated in cross-border business transactions, remittances and stablecoin-linked card spending.
"Stablecoin activity remains overwhelmingly skewed toward crypto trading and transfer activity rather than payments. McKinsey estimates roughly $35 trillion of adjusted volume, of which only $390 billion represents identifiable payments (which will still think may be optimistic), or roughly 0.5% of unadjusted activity and about 1% of adjusted activity," Morgan Stanley analyst James Faucette wrote.
He added, "While there are real and growing use cases in cross-border B2B and consumer remittances (including stablecoin-linked card spending) that are driving transaction velocity, they have not yet demonstrated the ability to create the durable balances or recurring transaction economics needed to offset pressure on Circle's reserve-income model."
TD Cowen took a more optimistic view, launching coverage with a Buy rating and an $82 price target.
The brokerage said, "We see a compelling combination of attractive growth + diversification via USDC circulation, rapidly growing high-margin fee-based revenues & Arc optionality and think the Street underestimates the evolution into a platform player."
Analyst Bryan Bergin believes Circle's business is expanding beyond stablecoin issuance into a broader financial infrastructure platform that covers payments, treasury services, tokenized real-world assets, interoperability, and developer services.
Bergin also described Circle as "an attractive vehicle for investors seeking exposure to the institutionalization of stablecoins and the modernization of global financial infrastructure."
Analysts remain divided on CircleCircle shares have struggled throughout 2026, falling 21% year to date compared with a 9.4% gain for the broader market. Bitcoin has declined 28% over the same period.
The stock has also faced pressure from uncertainty surrounding the proposed Clarity Act, legislation intended to establish a regulatory framework for the cryptocurrency industry.
Analyst opinion remains closely split.
According to LSEG data, 16 of the 30 analysts covering Circle rate the stock Hold or Sell, while the remaining 14 recommend Buy or Strong Buy.
The contrasting views underscore differing expectations for the pace of stablecoin adoption, the future growth of USDC and Circle's ability to evolve into a broader financial infrastructure platform as the regulatory landscape continues to develop.
Circle získala podmíněné schválení OCC pro zřízení národní trustové banky Circle National Trust. Banka má posílit infrastrukturu USDC a nabídnout úschovu digitálních aktiv pro Circle a její přidružené společnosti.
NEW YORK--(BUSINESS WIRE)--Circle Internet Group, Inc. (NYSE: CRCL), one of the world’s leading internet financial platform companies, today announced that it has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., a national trust bank. The bank will operate under the name Circle National Trust.
OCC approval of a national trust bank charter represents a major U.S. regulatory milestone and strengthens the infrastructure of USDC1 – the world’s largest regulated stablecoin – through federally-regulated custody, with reserve management planned as a future capability. It places Circle National Trust under direct federal oversight by the OCC, the primary regulator for national banks and national trust banks.
As a federally regulated national trust bank, Circle National Trust aligns digital asset infrastructure with the longstanding role of national trust banks in safeguarding client assets under strict fiduciary standards. This brings USDC infrastructure into a proven federal banking framework designed to ensure safety, soundness, and transparency.
Upon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates. As per its business plan, which was approved by the OCC, "depending on demand, FNDCB may eventually offer its digital asset custody service to a limited number of institutional customers directly, focusing on banks and other financial institutions, such as regulated derivatives organizations." The charter is also designed to enable future capabilities, including management of the USDC Reserve, which would bring those operations under federal regulatory oversight and further enhance the safety, transparency, and trust of USDC.
“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.”
As an OCC-chartered national trust bank, Circle National Trust advances USDC’s role as trusted, federally regulated digital dollar infrastructure for payments, settlement, and capital markets activity, supporting the role of the U.S. dollar in an increasingly digital global economy.
Circle submitted its application to the OCC on June 30, 2025 and received a conditional approval in December, 2025, building on its long-standing commitment to regulatory engagement. In 2015, Circle became the first company to receive a BitLicense from the New York Department of Financial Services and remains engaged with the leading U.S. state digital asset regulator. In 2024, Circle became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets framework. Circle also holds licenses in the UK, Singapore, and Bermuda, and has met Canadian Value-Referenced Crypto Asset requirements. In 2025, Circle secured a license from Abu Dhabi Global Market’s Financial Services Regulatory Authority.
ABOUT CIRCLE
Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through digital assets, payment applications, and programmable blockchain infrastructure. Circle’s platform includes the world’s largest regulated stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com.
1 USDC is issued by regulated affiliates of Circle. A list of Circle’s regulatory authorizations can be found here.
On June 30, a coalition of more than 140 financial, tech, and retail giants -- including Visa, Mastercard, Stripe, BlackRock, Coinbase (COIN +2.28%), Alphabet's Google, and Shopify -- backed a new stablecoin called Open USD (OUSD).
Shares of Circle (CRCL +5.45%), the fintech company that mints the USD Coin (USDC +0.01%) stablecoin, immediately plummeted after the announcement. Let's see why Circle's stock dropped, and whether that pullback is a buying opportunity for patient investors.
Image source: Getty Images.
Why is OUSD an existential threat to USDC? Circle backs the USD Coin with its own cash and U.S. Treasury holdings. Most of its revenue comes from the interest earned on those assets. OUSD aims to disrupt that business model by sharing that reserve income with its ecosystem partners that distribute and use its coins. Therefore, companies now have a major reason to use OUSD instead of USDC.
Unlike USDC, which is only managed by Circle, OUSD is managed by an independent board of partners. That decentralized governance democratizes the control of the stablecoin, making it much more appealing to companies that don't want Circle calling all the shots.
Today's Change
(
5.45
%) $
3.52
Current Price
$
68.14
OUSD also aims to provide zero-cost minting and redemptions with no volume limits. Those perks could undermine Circle's fee structures and reduce the operational friction that institutional investors often experience when moving their capital across Circle's platform.
Lastly, Coinbase's decision to sign on as a partner for OUSD is a bright red flag, since it was also a founding partner of USDC. Coinbase currently retains all interest income on USDC held on its platform and pays half of its residual reserve income to Circle. The crucial revenue-sharing partnership will expire on Aug. 18. If Coinbase refuses to renew that deal and goes all-in on OUSD instead, Circle's stock could drop even further.
Is it the right time to buy Circle's stock? OUSD will launch by the end of 2026, and its pending arrival could generate unpredictable headwinds for Circle over the next few years.
From 2025 to 2028, analysts expect Circle's revenue to nearly double and its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to more than double. If those estimates are accurate, then its stock is still a bargain at three times next year's sales and 14 times its adjusted EBITDA. But if OUSD's arrival forces those analysts to hastily reduce their estimates, Circle could actually be overvalued relative to its growth potential.
It's still too early to assume that OUSD will pull companies away from USDC, but that existential threat makes Circle a lot less appealing. Investors should wait to see how Circle responds -- and if Coinbase renews its revenue-sharing agreement -- before buying the stock.
Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, BlackRock, Mastercard, Shopify, and Visa. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy.
Konsorcium více než 140 organizací oznámilo spuštění stablecoinu Open USD, který chce partnerům nabídnout společné řízení a sdílení výnosů z rezerv. Zpráva stlačila akcie Circle Internet Group, vydavatele USDC, o 22 % během 48 hodin.
There's a new stablecoin in town that wants to shake up the industry. On June 30, a consortium of over 140 organizations announced the launch of Open USD, which has an enticing offer for partners. It proposes joint governance and sharing the interest it earns on its reserves with its partners, as well as free Open USD minting and redemptions.
Image source: Getty Images.
Circle Internet Group (CRCL +4.20%), which issues USD Coin, fell 22% over the 48 hours following the announcement, though it has since pared its losses.
So, is this another flash-in-the-pan token that will fall away like many stablecoin projects have? Or could it take market share from the two dominant players, USDC and Tether?
What is Open USD? The Open Standard consortium says it will launch Open USD, its dollar-pegged stablecoin, later this year. The list of major companies on board is impressive, including Visa (V +2.87%), Mastercard, BlackRock, Alphabet, Coinbase (COIN +3.92%), and more. Given that Coinbase was one of the original forces behind USDC and the crypto firm still shares part of Circle's revenue, its participation raised eyebrows.
Open USD's yield revenue-sharing promise also goes against the grain. By law, U.S. stablecoin firms must back each token they issue with readily accessible reserves, and they can earn interest on those reserves. Circle holds the majority of its assets in U.S. Treasuries, and its reserve yield accounted for $2.63 billion of its total $2.75 billion in revenue in 2025. Investors are worried that Open USD could challenge that stream.
Is the writing on the wall for Circle? Things can turn on a dime in the cryptocurrency and stablecoin markets, particularly because speculation often drives price action. However, the dramatic drop in Circle's stock following Open USD's announcement seems overblown for a stablecoin that hasn't even launched. Open Standard won't be able to replicate Circle's regulatory progress nor its payment network overnight, if at all.
Today's Change
(
4.20
%) $
2.60
Current Price
$
64.55
On a practical level, a consortium of 140 names is impressive, but getting buy-in on key decisions will be a challenge. I have enough trouble organizing an annual holiday with 10 friends -- if that feels like herding cats, I can only imagine the behind-the-scenes wrangling it will take to get those big banks, payment processors, crypto firms, and tech companies to bring Open USD to market.
Plus, neither Tether's dominance nor Circle's first-mover advantage in the U.S. will be easy to shake, as other high-profile stablecoin projects have discovered. Tether launched in 2014 and, despite being dogged by questions about how it handles its reserve funds, there are still $184 billion USDT in circulation -- almost 60% of the total. Circle's USDC ranks second at $73 billion, while the others barely register. For example, PayPal launched PayPal USD in 2023, and it has issued only $2.75 billion in tokens since then.
Can stablecoins achieve their potential? The bigger question is whether the stablecoin industry can really grow at the rate many predict. Issuance soared last year, but growth has slowed in 2026. The market could be worth trillions of dollars, but it depends on stablecoins becoming part of people's day-to-day money management. There's huge potential, but rewiring payment infrastructure takes time.
I am not buying the Circle dip, but that's got nothing to do with Open USD. I want to see how the stablecoin sector evolves, and right now, I think established players like Visa, which is embracing blockchain technology, or Chainlink (LINK +3.05%), the oracle crypto that provides essential data for on-chain and real-world operations, have more potential.
Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, BlackRock, Chainlink, Mastercard, PayPal, and Visa. The Motley Fool recommends Coinbase Global and recommends the following options: short September 2026 $47.50 calls on PayPal. The Motley Fool has a disclosure policy.
Circle čelí nové konkurenci po spuštění stablecoinu Open USD, který podporuje více než 140 firem včetně Visa a Mastercard. Zároveň klesá objem USDC na 73,7 miliardy USD z letošního maxima 80 miliard USD i výnosy z rezerv.
Circle Internet Group shares are trending higher. Why are CRCL shares climbing? What Is Driving Circle Internet Group’s Stock Today?Open Standard formally launched Open USD on Tuesday, a stablecoin pitched for global money movement where businesses can mint and redeem without fees or volume limits, and where partners receive reserve earnings after management fees. More than 140 companies have committed to support it, including Visa and Mastercard.
Circle’s competitive risk is landing as USDC’s scale has already been slipping, with its market cap down to $73.7 billion from the year-to-date high of $80 billion. That reserve shrink matters because Circle’s revenue model is tied to investing stablecoin reserves in short-term government bonds, and the two-year yield has also eased to around 4.09% from a 4.235% year-to-date high.
Circle also has a counterweight catalyst on the board after its affiliate Circle Internet Financial signed an MOU with Nomura on June 26 to pursue digital finance opportunities, including Japan. The collaboration specifically flagged instant settlement using stablecoins and on-chain collateral management.
Critical Levels To Watch For CRCL StockEven with Wednesday’s premarket lift, the longer-term chart is still heavy: the stock is trading 20.5% below its 20-day SMA ($79.82) and 35.1% below its 200-day SMA ($97.73), which keeps rallies vulnerable to selling into overhead supply. The moving-average structure stays bearish, with the 20-day SMA below the 50-day SMA and a "death cross" in June (the 50-day SMA crossing below the 200-day SMA).
For momentum, MACD remains the cleaner read right now: it’s below its signal line and the histogram is negative, which points to upside pressure fading unless buyers can rebuild trend strength. In plain terms, MACD below its signal line often means the recent rebound attempts are losing steam versus the prior upswing.
The bigger-picture damage also shows up in the 12-month performance (down 67.47%), and the stock is still much closer to its 52-week low ($49.90) than its 52-week high ($262.97). That context matters because it suggests many participants may treat rebounds as "sell-the-rip" opportunities until price can reclaim key moving averages.
Key Resistance: $77.00 — a prior rebound area that lines up with the market’s recent "line in the sand" for failed bounces Key Support: $49.90 — the 52-week low zone, which is the clearest downside reference if selling resumes CRCL Stock Price Movement During Premarket SessionCRCL Stock Price Activity: Circle Internet Group shares were up 1.26% at $63.42 during premarket trading on Wednesday, according to Benzinga Pro data.
Image: Shutterstock
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