BlackRock

x402

USDC

<p><a href="https://x.com/circle" rel="noopener noreferrer nofollow">@circle</a> posted $701 million in total revenue and reserve income for the second quarter of 2026, <cite>narrowly missing the average Wall Street consensus of $713.32 million</cite>. Despite the shortfall, the underlying <a href="https://x.com/search?q=%24USDC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$USDC</a> network metrics told a more expansive story.</p><h2 id="usdc-growth-powers-ahead">USDC growth powers ahead</h2><p><cite>$USDC in circulation reached $73.3 billion at quarter end, up 19% year over year, while onchain transaction volume surged 151% to $14.8 trillion.</cite><cite>Reserve income of $668 million increased 5% year over year, driven primarily by 25% growth in average $USDC in circulation, partially offset by a 66 basis point decline in the reserve return rate.</cite></p><p><cite>Net income from continuing operations came in at $48 million, up $530 million year over year, driven by prior-year IPO stock-based compensation impacts.</cite><cite>Adjusted EBITDA of $143 million grew 8% year over year.</cite><cite>Despite the earnings miss, Circle shares increased more than 5% in premarket trading.</cite></p><h2 id="arc-blockchain-heads-to-public-mainnet-on-september-16">Arc blockchain heads to public mainnet on September 16</h2><p><cite>Arc is currently in private mainnet with more than 100 ecosystem and institutional builders and is on track for a public mainnet launch on September 16, 2026.</cite><cite>BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation and Visa will secure the network alongside Circle as founding validators.</cite></p><p><cite>The 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.</cite><cite>BlackRock is expected to deploy BUIDL, its tokenized money market fund, on Arc, while DTCC will enable tokenization of assets it custodies, though not until the second half of 2027.</cite></p><p><cite>Circle also launched its Agent Stack in May 2026, currently home to 900+ paid services, with 99.3% of x402 agent-payment volume settling in $USDC.</cite> The combination of surging onchain volume, a growing institutional validator base, and the imminent Arc launch gives Circle a broader growth narrative even as its top line faces pressure from the current rate environment.</p><p><b>Sources:</b><br><a href="https://www.circle.com/pressroom/circle-reports-second-quarter-2026-results" rel="noopener noreferrer nofollow">Circle Q2 2026 Official Press Release (Circle.com)</a><br><a href="https://cointelegraph.com/news/circle-q2-revenue-misses-wall-street-estimates" rel="noopener noreferrer nofollow">Circle Q2 Revenue Narrowly Misses Wall Street Estimates (CoinTelegraph)</a><br><a href="https://decrypt.co/374961/circle-taps-visa-mastercard-and-blackrock-as-validators-for-september-arc-launch" rel="noopener noreferrer nofollow">Circle Taps Visa, Mastercard and BlackRock as Arc Validators (Decrypt)</a></p>

Circle's USDC engine keeps growing even as revenue misses the mark

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