Circle
What matters nowUpdated 7 h ago
- The latest development is a distribution deal: Circle and Tereina, an SAP-backed financial services company, will bring USDC and EURC into SAP Pay so enterprise customers can send and receive stablecoin payments from SAP Cloud ERP, with joint proof-of-value programs planned in the coming months 1.
- The stock has moved on regulation and governance news: it fell 10.68% on Sep 15, when the Senate blocked the CLARITY Act 49-50 on cloture and Circle's reserve-income revenue was exposed to the bill's stablecoin rules 2, and rose 8.12% on Sep 18, when Circle completed the genesis mint of 10 billion ARC tokens alongside the Arc mainnet launch 3. The 5.24% drop on Sep 25 came on the day the CFO transition and a board departure were announced 4 5. Shares fell a further 5.88% on Oct 12.
- Insiders have been net sellers and management is turning over: insiders sold 2.50 million shares worth $200.6 million over the last 180 days with no purchases, 49 of the 51 sales under planned trading arrangements. CFO Jeremy Fox-Geen will step down but stays through December 2026 while Circle runs an executive search 4, and Binance agreed to buy $100 million of Class A stock at a 5% discount in a private placement tied to a five-year USDC distribution agreement 6.
- The shares trade at $84.37 on the pooled 24/7 venue price, up 3.40% from the previous close of $81.59. On trailing figures to June 30, 2026, Circle reported revenue of $2.91 billion, net income of $451 million and EPS of $2.12, valued at a P/E of 39.8 and a P/S of 7.8 on a $22.7 billion market cap; USDC in circulation was $73.3 billion at the end of Q2 2026, up 19% year on year.
- What is next: Circle reports Q3 2026 results on Nov 4, 2026 at 13:00 UTC, with a webcast, and the September CPI print lands on Oct 14 at 12:30 UTC. Polymarket puts 81.5% on no change in Fed rates after the October 2026 meeting and 17.5% on a 25 bp increase. The CFO successor deadline is the end of December 2026, and Circle has said it will publish its agentic payments roadmap in the second half of 2026.
Circle · Oct 7
U.S. Senate roll call vote · Sep 15
Circle · Sep 16
Circle · Sep 25
SEC filing (Form 8-K) · Sep 25
Circle · Sep 22
Circle issues USDC and EURC stablecoins through regulated affiliates and earns most of its revenue from the interest on the cash and Treasury holdings that back them. It also runs Arc, a layer-1 blockchain for payments and financial markets that launched on public mainnet on September 16, 2026, and the Circle Payments Network, a settlement network for banks and payment firms. FY2025 total revenue and reserve income was $2.747 billion, up 64%, and the company reported a net loss from continuing operations of $69.5 million, which includes $424 million of stock-based compensation tied to its June 2025 IPO. Q2 2026 total revenue and reserve income was $701 million, up 7%, as the reserve return rate fell to 3.5%.
How it makes money
Circle earns reserve income on the cash and short-term U.S. Treasury holdings that back USDC, so its revenue rises and falls with average USDC in circulation and with short-term interest rates. Reserve income was 96.0% of revenue from continuing operations in 2025. Other revenue, $110 million in 2025, comes from subscription and services fees. Circle expects other revenue to rise sharply in 2026 to $310 million to $330 million, including recognized ARC token presale revenue, and it guides a 41.7% to 43.7% RLDC margin for 2026. Adjusted operating expenses are guided at $570 million to $585 million for 2026.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
USDC
USDC in circulation was $73.3 billion at the end of Q2 2026, up 19% from a year earlier.
Circle Payments Network
The network reached $14.7 billion of annualized volume and 175 enrolled financial institutions at the end of Q2 2026.
Arc
Arc went live on public mainnet on September 16, 2026, with more than 100 builders at launch.
Next: Possible move from proof of authority to proof of stake · 2027
Latest newsAll news →
Circle and Tereina bring USDC and EURC into SAP Pay for enterprise payments
Circle and Tereina, an SAP-backed financial services company, announced an integration that starts with SAP Cloud ERP and is available to SAP customers through SAP Pay.
Circle sets Q3 2026 results for November 4 and opens shareholder Q&A
Circle will report Q3 2026 financial results on Wednesday, November 4, 2026, with a live webcast at 8 a.m.
CEO Jeremy Allaire sells about 62,000 Class A shares under a 10b5-1 plan
Chief Executive Officer Jeremy Allaire sold about 62,000 Class A shares on October 5, 2026, at weighted average prices from $82.75 to $85.24.
21X Group joins Arc as a Day-1 launch partner for tokenized securities
21X Group said its subsidiary 21X AG has been named a Day-1 launch partner on Arc, and the two companies will build use cases for issuers and brokers of tokenized securities in the EU and US.
CFO Jeremy Fox-Geen to step down; he stays through December 2026 while Circle searches
Circle said CFO Jeremy Fox-Geen intends to step down after more than five years in the role.
Co-founder Sean Neville resigns from Circle's board; board shrinks to seven seats
Co-founder Sean Neville resigned from Circle's board effective immediately, citing personal reasons.
Products & businesses
USDC
USDC in circulation was $73.3 billion at the end of Q2 2026, up 19% from a year earlier.
Circle Payments Network
The network reached $14.7 billion of annualized volume and 175 enrolled financial institutions at the end of Q2 2026.
Arc
Arc went live on public mainnet on September 16, 2026, with more than 100 builders at launch.
Next: Possible move from proof of authority to proof of stake · 2027
What it's building next
ARC token
The genesis mint created 10 billion ARC tokens, but Circle has not committed to a public token launch.
Circle National Trust
The OCC gave final approval in July 2026 for a national trust bank. It is not yet open for business.
Agentic payments
Circle has said it will publish a fuller agentic product roadmap in the second half of 2026, including agents that can earn.
Next: Fuller agentic product roadmap, including enabling agents to earn · 2026-12-31
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Reserve income Interest and yield earned on the cash and short-term U.S. Treasury holdings that back USDC. Circle reports one reportable segment, so these are revenue lines, not separate businesses. Reserve income was $2.637 billion in 2025 and $668 million in Q2 2026, up 5% year over year. | $2.64B | 96.0% | |
| Other revenue Subscription and services fees from Circle's products and services. Other revenue was $110 million in 2025 and $34 million in Q2 2026, up 41% year over year. FY2026 guidance was raised to $310 million to $330 million, including recognized ARC token presale revenue. | $109.8M | 4.0% |
Fiscal FY2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026 2026-06-30 | Q1 FY2026 2026-03-31 | Q4 FY2025 2025-12-31 | Q3 FY2025 2025-09-30 | Q2 FY2025 2025-06-30 |
|---|---|---|---|---|---|---|
| Revenue | $2.91B | $701.3M +7% | $694.1M | $770.2Md | $739.8M | $658.1M |
| Operating income | $215.6M | $34.4M | $45.0M | $55.2Md | $81.0M | −$325.6M |
| Net income | $451.3M | $48.2M | $55.3M | $133.4Md | $214.4M | −$482.1M |
| EPS (diluted) | $2.12 | $0.18 | $0.21 | $1.09d | $0.64 | $-4.48 |
| Operating cash flow | $776.9M | $517.4Md | $21.1M | $249.1Md | −$10.7Md | — |
| Capital expenditure | $15.4M | $1.0Md | $9.4M | $951.0Kd | $4.1Md | — |
| Share buybacks | — | — | — | — | — | — |
| Cash & equivalents | $1.73B | $1.73B | $1.52B | $1.53B | $1.35B | $1.12B |
| Metric | FY2025 2025-12-31 |
|---|---|
| Revenue | $2.75B |
| Operating income | −$96.4M |
| EBIT | −$96.4M |
| Depreciation & amortization | $76.6M |
| Interest expense | $1.2M |
| Income tax | −$33.4M |
| Net income | −$69.5M |
| EPS (diluted) | $-0.44 |
| Diluted shares (weighted) | 158.7M |
| Operating cash flow | $542.1M |
| Capital expenditure | $12.4M |
| Share buybacks | $0 |
| Cash & equivalents | $1.53B |
| Total assets | $78.71B |
| Total liabilities | $75.38B |
| Shareholders' equity | $3.33B |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Circle and Tereina bring USDC and EURC into SAP Pay for enterprise payments
Circle and Tereina, an SAP-backed financial services company, announced an integration that starts with SAP Cloud ERP and is available to SAP customers through SAP Pay.
Circle sets Q3 2026 results for November 4 and opens shareholder Q&A
Circle will report Q3 2026 financial results on Wednesday, November 4, 2026, with a live webcast at 8 a.m.
CEO Jeremy Allaire sells about 62,000 Class A shares under a 10b5-1 plan
Chief Executive Officer Jeremy Allaire sold about 62,000 Class A shares on October 5, 2026, at weighted average prices from $82.75 to $85.24.
21X Group joins Arc as a Day-1 launch partner for tokenized securities
21X Group said its subsidiary 21X AG has been named a Day-1 launch partner on Arc, and the two companies will build use cases for issuers and brokers of tokenized securities in the EU and US.
CFO Jeremy Fox-Geen to step down; he stays through December 2026 while Circle searches
Circle said CFO Jeremy Fox-Geen intends to step down after more than five years in the role.
Co-founder Sean Neville resigns from Circle's board; board shrinks to seven seats
Co-founder Sean Neville resigned from Circle's board effective immediately, citing personal reasons.
Binance invests $100M in Circle and signs a five-year USDC distribution deal
Binance agreed to buy $100 million of Circle Class A common stock in a private placement at a 5% discount to the market price before closing.
Circle mints the full 10 billion ARC token supply but does not commit to a public launch
Circle completed the genesis mint of 10 billion ARC tokens in the same week as the Arc mainnet launch.
Senate blocks CLARITY Act 49-50 on cloture, a setback for the stablecoin yield framework
The Senate rejected cloture on the motion to proceed to H.R.
Circle becomes Principal Partner and front-of-shirt sponsor of Chelsea FC
Circle signed a Principal Partner deal with Chelsea FC and becomes its official front-of-shirt partner from the 2026/27 season.
Circle Q2 2026: revenue and reserve income $701M, up 7%; FY26 other revenue guidance raised
Circle reported Q2 2026 total revenue and reserve income of $701 million, up 7% year over year, with reserve income of $668 million, up 5%, as average USDC circulation grew 25% and the reserve return rate fell 66 basis points to 3.5%.
Circle names 11 Arc founding validators, including BlackRock, DTCC, Visa and Mastercard
Ahead of the Arc mainnet launch, Circle named 11 founding validators for its Arc blockchain.
Circle buys fundamental assets from IBM's blockchain patent portfolio
Circle acquired fundamental assets from IBM's blockchain patent portfolio.
OCC grants final approval for Circle National Trust, a federal trust bank
The Office of the Comptroller of the Currency gave final approval to Circle's application to establish First National Digital Currency Bank, N.A., which will operate as Circle National Trust.
Standard Chartered launches USDC mint and redeem access for institutional clients
Standard Chartered, working with Circle, now lets eligible institutional clients mint and redeem USDC through one onboarding process without holding direct Circle accounts.
Circle President Heath Tarbert sells 39,240 shares under a 10b5-1 plan
Heath Tarbert, Circle's President, sold 39,240 Class A shares on June 10, 2026 in six tranches at weighted average prices from $79.36 to $84.03.
Circle raises $222 million in ARC token presale at $3 billion valuation
Alongside its first-quarter results, Circle said it raised $222 million in a presale of the ARC token for its Arc blockchain at a $3 billion fully diluted network valuation.
Circle shares close up 15.9% at $131.76 after Q1 results
Circle stock rose 15.91% to close at $131.76 on May 11, the day it reported first-quarter results and the ARC presale.
Circle reports fiscal Q1 2026 results: revenue $694.1M
Circle filed a Form 8-K with the SEC on May 11, 2026, 6:27 AM ET, reporting an event dated May 11, 2026.
Circle jumps 19.9% to $119.53 on CLARITY Act stablecoin yield compromise
Circle shares rose 19.89% to close at $119.53 on May 4 after Senators Thom Tillis and Angela Alsobrooks finalized compromise language on stablecoin yield in the CLARITY Act.
OSL Group and Circle expand USDC access across trading and payments
Hong Kong-listed OSL Group and a Circle affiliate agreed to expand USDC access across OSL's trading and payments platforms.
Compass Point downgrades Circle to Sell, target $77; shares fall 9.9%
Compass Point cut Circle to Sell from Neutral with a $77 price target, down $2.
Circle falls 20% on draft Clarity Act language that could bar stablecoin yield
Circle shares fell about 20% to close at $101 on March 24, their worst session since going public, after a revised draft of the CLARITY Act raised the prospect of a ban on stablecoin yield.
ARK Invest buys $16.3 million of Circle on the March 24 sell-off
ARK Invest bought about 161,513 CRCL shares across ARKK, ARKW and ARKF on March 24, the day Circle fell about 20%.
Circle and Sasai Fintech partner to expand USDC use in Africa
Circle's affiliate and Sasai Fintech, a business of Cassava Technologies, agreed to collaborate on expanding USDC adoption and onchain financial infrastructure in Africa.
Circle Q4 2025 revenue rises 77% to $770 million; USDC ends year at $75.3 billion
Circle reported fourth-quarter 2025 total revenue and reserve income of $770 million, up 77% from a year earlier, and net income from continuing operations of $133 million.
Circle shares jump a record 35% on earnings beat
Circle shares rose 35.47% to $83.14 on February 25, the largest single-day gain on record for the stock, after fourth-quarter results beat expectations.
Circle and Polymarket agree to move Polymarket settlement to native USDC
Circle and Polymarket announced a partnership under which Polymarket will switch its trading collateral from bridged USDC.e on Polygon to Circle-issued native USDC.
ARK Invest buys about $11.8 million of Circle shares in early February
Cathie Wood's ARK Invest bought Circle stock on February 2 and 3, 2026, as crypto equities fell.
Compass Point upgrades Circle to Neutral from Sell, target $60
Compass Point's Ed Engel raised Circle to Neutral from Sell and set a $60 price target, down from $75.
SEC filings
| Oct 9, 26 | 4 | Form 4: Chandhok Nikhil (Chief Product & Tech. Officer) — option exercise 23,334 sh, open-market sale 26,668 sh | sec.gov ↗ |
| Oct 8, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Oct 7, 26 | 4 | Form 4: Allaire Jeremy (Chairman and CEO, Director) — open-market sale 62,264 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Chandhok Nikhil (Chief Product & Tech. Officer) — tax withholding 3,815 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Fox-Geen Jeremy (Chief Financial Officer) — tax withholding 3,876 sh, open-market sale 4,238 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Razzaghi Hossein (Chief Commercial Officer) — tax withholding 1,717 sh, open-market sale 1,830 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Schulz Tamara L (Chief Accounting Officer) — tax withholding 1,031 sh, open-market sale 1,194 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Tarbert Heath (President) — tax withholding 7,988 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Allaire Jeremy (Chairman and CEO, Director) — derivative/holdings only | sec.gov ↗ |
| Oct 2, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Oct 2, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Oct 2, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Oct 1, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 25, 26 | 4 | Form 4: Neville Patrick Sean (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 25, 26 | 8-K | 8-K: Director/Officer Change, Regulation FD Disclosure (Items 5.02, 7.01) | sec.gov ↗ |
| Sep 24, 26 | 4 | Form 4: Fox-Geen Jeremy (Chief Financial Officer) — option exercise 2,753 sh | sec.gov ↗ |
| Sep 22, 26 | 8-K | 8-K: Other Events (Item 8.01) | sec.gov ↗ |
| Sep 15, 26 | 144/A | 144/A: Notice of proposed insider sale (amended) | sec.gov ↗ |
| Sep 15, 26 | 144/A | 144/A: Notice of proposed insider sale (amended) | sec.gov ↗ |
| Sep 15, 26 | 144/A | 144/A: Notice of proposed insider sale (amended) | sec.gov ↗ |
| Sep 15, 26 | 144/A | 144/A: Notice of proposed insider sale (amended) | sec.gov ↗ |
| Sep 15, 26 | 144/A | 144/A: Notice of proposed insider sale (amended) | sec.gov ↗ |
| Sep 15, 26 | 144/A | 144/A: Notice of proposed insider sale (amended) | sec.gov ↗ |
| Sep 10, 26 | 4 | Form 4: Allaire Jeremy (Chairman and CEO, Director) — open-market sale 62,264 sh | sec.gov ↗ |
| Sep 9, 26 | 4 | Form 4: Chandhok Nikhil (Chief Product & Tech. Officer) — option exercise 38,829 sh, open-market sale 26,666 sh | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-08 | Chandhok Nikhil Chief Product & Tech. Officer | Sale 10b5-1 plan | 26.7K | $79.59 | $2.1M |
| 2026-10-05 | Allaire Jeremy Chairman and CEO, Director | Sale 10b5-1 plan | 62.3K | $83.59 | $5.2M |
| 2026-10-02 | Schulz Tamara L Chief Accounting Officer | Sale 10b5-1 plan | 1.2K | $85.78 | $102.4K |
| 2026-10-02 | Razzaghi Hossein Chief Commercial Officer | Sale 10b5-1 plan | 1.8K | $85.78 | $157.0K |
| 2026-10-02 | Fox-Geen Jeremy Chief Financial Officer | Sale 10b5-1 plan | 4.2K | $85.78 | $363.5K |
| 2026-09-08 | Chandhok Nikhil Chief Product & Tech. Officer | Sale 10b5-1 plan | 26.7K | $100.40 | $2.7M |
| 2026-09-08 | Allaire Jeremy Chairman and CEO, Director | Sale 10b5-1 plan | 62.3K | $98.04 | $6.1M |
| 2026-09-02 | Schulz Tamara L Chief Accounting Officer | Sale 10b5-1 plan | 1.2K | $87.87 | $104.9K |
| 2026-09-02 | Razzaghi Hossein Chief Commercial Officer | Sale 10b5-1 plan | 7.5K | $87.87 | $655.3K |
| 2026-09-02 | Fox-Geen Jeremy Chief Financial Officer | Sale 10b5-1 plan | 8.1K | $87.87 | $713.5K |
| 2026-09-01 | Neville Patrick Sean Director | Sale 10b5-1 plan | 50.0K | $92.09 | $4.6M |
| 2026-09-01 | Fox-Geen Jeremy Chief Financial Officer | Sale 10b5-1 plan | 15.0K | $92.20 | $1.4M |
| 2026-08-21 | Fox-Geen Jeremy Chief Financial Officer | Sale 10b5-1 plan | 45.0K | $90.00 | $4.0M |
| 2026-08-20 | BURNS M MICHELE Director | Sale 10b5-1 plan | 3.3K | $85.13 | $283.7K |
| 2026-08-13 | Fox-Geen Jeremy Chief Financial Officer | Sale 10b5-1 plan | 8.5K | $75.00 | $635.7K |
| 2026-08-10 | Chandhok Nikhil Chief Product & Tech. Officer | Sale 10b5-1 plan | 26.7K | $67.15 | $1.8M |
| 2026-08-06 | Ostling Danita K Director | Sale | 20.0K | $61.65 | $1.2M |
| 2026-08-05 | Allaire Jeremy Chairman and CEO, Director | Sale 10b5-1 plan | 62.3K | $62.03 | $3.9M |
| 2026-08-04 | Schulz Tamara L Chief Accounting Officer | Sale 10b5-1 plan | 1.2K | $60.08 | $71.7K |
| 2026-08-04 | Razzaghi Hossein Chief Commercial Officer | Sale 10b5-1 plan | 1.8K | $60.08 | $109.9K |
| 2026-08-03 | Neville Patrick Sean Director | Sale 10b5-1 plan | 50.0K | $59.55 | $3.0M |
| 2026-07-08 | Chandhok Nikhil Chief Product & Tech. Officer | Sale 10b5-1 plan | 26.7K | $63.90 | $1.7M |
| 2026-07-06 | Allaire Jeremy Chairman and CEO, Director | Sale 10b5-1 plan | 59.2K | $67.16 | $4.0M |
| 2026-07-06 | Allaire Jeremy Chairman and CEO, Director | Sale 10b5-1 plan | 3.0K | $67.16 | $203.6K |
| 2026-07-02 | Schulz Tamara L Chief Accounting Officer | Sale 10b5-1 plan | 1.2K | $64.40 | $76.9K |