Circle (CRCL) Price: Stock Rises 5% After Q2 Earnings Beat Profit Estimates

TLDR

• Circle Internet Group (NYSE: CRCL) shares rose 5% in pre-market trading after Q2 2026 earnings beat profit forecasts.
• USDC supply reached $73.3 billion, up 19% year-over-year, while on-chain transfer volume grew 150% to $14.8 trillion.
• Circle renewed its Coinbase USDC deal for three more years through 2029 and ruled out paying dividends.
• Circle’s Arc blockchain has drawn over 100 institutions, including BlackRock and BNY Mellon, ahead of its September 16 public launch.
• Analysts are split: Morgan Stanley set a $38 price target while the consensus target sits at $104.

Circle Internet Group shares climbed 5% during pre-market trading on Wednesday, August 5. The move came after the stablecoin issuer posted quarterly results that topped profit expectations.

The company reported revenue of $701 million for the second quarter of 2026. That figure was up 7% from a year earlier but fell short of the $713 million analysts had expected.

Adjusted earnings came in at 18 cents per share. That beat the 16 cents Wall Street had forecast.

USDC, Circle’s dollar-backed stablecoin, was the main driver of interest. Its supply ended the quarter at $73.3 billion, a 19% increase from the same period last year.

On-chain transfer volume for USDC jumped 150% to $14.8 trillion during the quarter. CEO Jeremy Allaire said the results reflect a slower crypto market and current interest rates, both outside the company’s control.

Arc Blockchain and Coinbase Ties

Circle also gave an update on Arc, its blockchain built for tokenized assets and payments. More than 100 institutions, including BlackRock, BNY Mellon, DTCC and Standard Chartered, are building on the network.

Arc is set to launch publicly on September 16. Circle also secured a national trust bank license from the OCC and a state-level license in New York during the quarter.

Separately, Circle confirmed it renewed its USDC agreement with Coinbase on existing terms. The deal now runs three more years through 2029.

Coinbase held 30% of USDC circulation on its platform at quarter’s end. Circle’s own platform held 17%. Circle paid Coinbase $330.6 million in distribution costs in the first quarter of 2026, up from $303.2 million a year earlier.

Chief Financial Officer Jeremy Fox Geen said Circle has no plans to introduce dividends. The company wants to keep capital available for products and infrastructure instead of shareholder payouts.

Euro Stablecoin Market and Analyst Views

Circle’s euro-pegged stablecoin, EURC, now controls 65% of the euro stablecoin market. Société Générale is second with 16% share.

EURC’s market cap stood at $455.8 million, though its supply grew just 0.11% year-over-year. Most EURC activity is concentrated on Ethereum, Solana and Base.

Circle’s euro market position grew partly because Tether chose not to seek a MiCA license in Europe. Tether said the rules were designed to favor a future digital euro.

Analyst opinions on CRCL stock diverge. Morgan Stanley downgraded the stock with a $38 price target, implying a 39% drop from the $63.50 trading level.

The broader analyst consensus target sits at $104, suggesting 64% upside. Bernstein set the highest target among analysts at $140.

Circle first began trading on the NYSE in June 2025, pricing its IPO at $31 per share. The company continues to present itself as a growth stock rather than a dividend payer.

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