TL;DR:
- USDC on-chain transaction volume reached $21.5 trillion in the first quarter of 2026, a 263% year-over-year increase.
- Circle’s net income from continuing operations decreased by 15%, standing at $55 million for the reported period.
- The USDC stablecoin accounted for 63% of all stablecoin transaction volume in the quarter, according to Visa Onchain Analytics.
During the first quarter of 2026, Circle Internet Group (CRCL) recorded a 263% increase in USDC on-chain volume, reaching a record figure of $21.5 trillion. This operational performance occurs in a context where the firm’s net profit experienced a 15% decline compared to 2025.
The Internet’s largest paradigm shift is happening now, and our Q1 results underscore Circle’s role at the center of these changes.
→ $694M total revenue and reserve income, +20% YoY
→ $77.0B USDC in circulation, +28% YoY
→ $21.5T in USDC onchain transaction volume, +263% YoY… pic.twitter.com/GYwLy0v2Dl— Circle (@circle) May 11, 2026
Financial Performance and Infrastructure Expansion
The company’s earnings report reveals that the $55 million net profit was affected by specific accounting factors. It highlights that this drop primarily reflects stock-based compensation following its IPO and sustained investment in new technical infrastructure.
Although net profit decreased, Circle’s adjusted EBITDA grew by 24%, reaching $151 million at the end of March 2026. Circle data suggest that operating profitability remains solid, with a revenue less distribution costs (RLDC) margin that expanded to 41.4% in the same period.
The company allocated significant resources to the development of its Arc network and the so-called Agent Stack, a set of tools designed for the AI agent economy. These investments are presented as a strategic axis for the evolution of the programmable payments ecosystem.
Market Dominance and Institutional Adoption
Regarding market share, USDC captured 63% of stablecoin transaction volumes in the analyzed quarter, according to Visa Onchain Analytics data. This milestone positions the asset ahead of its competitors in terms of velocity and transactional use, although the total circulating supply of USDC stood at $77 billion at the end of the quarter.
The report details that “on platform” USDC volume increased 254% year-over-year, totaling $13.7 billion. This figure represents 17.2% of the stablecoin’s total supply at the close of the first quarter, indicating a migration toward use cases more integrated into financial platforms.
Adoption by corporate entities was the fuel during this period. For example, the firm Kyriba integrated USDC into its corporate treasury workflows, allowing companies to manage liquidity seamlessly. Likewise, the Polymarket protocol continued to use USDC as its primary settlement collateral.
Additionally, Circle reported that the number of wallets with a balance greater than $10 in USDC rose to 7.2 million, which equals a 47% increase in the active user base. These data reflect a diversification in asset holding, extending beyond crypto capital markets toward payment applications and enterprise settlement.
The next step for the organization will be the official launch of the Arc network, scheduled for the following months, which could redefine its settlement infrastructure globally.
