Hey, it’s Marc,

On May 11, 2026, Circle released its Q1 2026 report and it was more than just the revenue. Circle is evolving into more than a stablecoin company. With $21.5T in USDC quarterly transaction volume and the launch of the $3B Arc Network, Circle is betting everything on agentic commerce. They are building the Circle Agent Stack, an open, protocol-agnostic developer platform and suite of financial tools launched by Circle Internet Group. [Quarterly Report]

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What happened

Circle Internet Group (NYSE: CRCL) released Q1 2026 results before the bell on May 11, 2026.

  • Total revenue and reserve income hit $694M, up 20% YoY. Adjusted EBITDA rose 24% to $151M.

  • But net income dropped 15% to $55M as operating expenses surged 76% (heavy post-IPO stock comp).

  • USDC in circulation closed the quarter at $77B (+28%) while on-chain transaction volume reached $21.5T (+263%).

  • The Circle Payments Network annualized run-rate hit $8.3B on March 31.

  • USYC ($2.98B in total value), Circle’s tokenized money market fund acquired from Hashnote, is the largest tokenized MMF in the world.

Circle also disclosed an ARC token presale (stablecoin-native L1) of 740M tokens at $0.30 each. Gross proceeds: ~$222M at a $3B FDV. The buyer consortium spans VC (a16z crypto, Haun, General Catalyst, IDG), TradFi (Apollo, BlackRock, Janus Henderson, Marshall Wace, SBI, Standard Chartered Ventures), and exchanges (ICE, Bullish). [ARC Whitepaper]