The stablecoin issuer said reserve interest generated 94% of revenue, while USDC circulation and on-chain transaction volume both posted strong year-over-year growth.
Circle reported nearly $700 million in revenue for the first quarter of 2026, with 94% coming from reserve interest tied to the assets backing its USDC stablecoin. USDC circulation reached $77 billion, up 28% from a year earlier, while on-chain volume rose by more than 260%. The figures show how stablecoin issuers can benefit from interest earned on reserve assets, while rising circulation and blockchain-based transaction activity point to broader use of USDC across crypto markets and payments.