Circle Kept 41.2% of Q2 2026 Revenue and Reserve Income

Circle’s Q2 2026 results leave $288.845 million after distribution, transaction and other costs, equal to 41.2% of revenue and reserve income for the quarter before operating expenses.

Revenue and reserve income totaled $701.315 million for the three months ended June 30. The combined $412.470 million in costs included $410.414 million for distribution and transactions, plus $2.056 million in other costs. Together, those costs accounted for 58.8% of the combined revenue measure.

Distribution costs tied to Circle’s agreements with Coinbase amounted to $324.6 million, one part of the broader total. The combined cost categories also include incentives for distributors such as Coinbase and Binance, blockchain transaction fees and certain product costs.

Circle’s revenue less distribution costs (RLDC) calculation subtracts distribution, transaction and other costs. The $288.845 million result rose 15% from $251.136 million in Q2 2025, when it equaled 38.2% of revenue and reserve income. RLDC is measured before operating expenses, so it is distinct from profit: Q2 2026 operating expenses were $254.486 million, operating income was $34.359 million and net income from continuing operations was $48.214 million.

Reserve income, which comes from interest and dividends on assets backing Circle’s stablecoins, made up 95.2% of the quarter’s total. It was $667.733 million, while other revenue was $33.582 million. USD Coin (USDC) average circulation was $76.524 billion, compared with $61.039 billion a year earlier; circulation at quarter-end was $73.269 billion.

Reserve income grew 5.3% as average yields on reserve assets fell 66 basis points year over year. Circle’s reserve return rate was 3.5% for Q2, down from 4.1% a year earlier.

Circle’s third-quarter results webcast is scheduled for Wednesday, Nov. 4, at 8 a.m. ET (13:00 UTC).