Circle reported $701 million in Q2 revenue this morning, took final approval from the OCC for its national trust bank charter, and set 16 September as the mainnet date for Arc, its own settlement chain, with BlackRock, DTCC, Visa, and Mastercard among the founding validators. The stock rose 10% in premarket on an EPS beat, $0.18 against a $0.16 consensus, even though revenue missed. The market graded the quarter. The quarter was actually a corporate restructuring announcement.

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By the numbers

  • Revenue + reserve income: $701M (+7% YoY) · Net income: $48M, $0.18 EPS (beat) · Adjusted EBITDA: $143M

  • USDC circulation: $73.3B (+19% YoY) · Q2 onchain volume: $14.8T (+151%)

  • Distribution costs: $412M, 62% of reserve income

  • OCC charter: final approval · Arc mainnet: 16 September 2026

  • Risk flags: rate cuts · Coinbase rev-share · net redemptions

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What happened

The quarter itself: $701 million in total revenue and reserve income (up 7% YoY, below the $712 million consensus), $668 million of it reserve income, $48 million net income, and $143 million adjusted EBITDA. USDC circulation reached $73.3 billion, up 19% YoY, on $14.8 trillion of Q2 onchain volume. Distribution, transaction, and other costs ran $412 million.

The structure around the quarter mattered more. The OCC granted final approval for Circle’s national trust bank charter, converting December’s conditional approval into an operating federal bank and making Circle one of the first federally chartered stablecoin issuers under the GENIUS Act. Arc, Circle’s purpose-built settlement chain, launches public mainnet on 16 September with 11 founding validators including BlackRock, DTCC, ICE, Mastercard, Visa, Standard Chartered, Galaxy, and MoneyGram. BlackRock intends to deploy BUIDL on Arc; BNY and Standard Chartered expanded direct USDC minting and redemption.