Circle Internet Group, Inc. · NYSE:CRCL
Circle Internet — Q2 2026 Earnings Presentation
35 slides from Circle Internet's earnings presentation, Aug 5, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation August 5, 2026
Slide 2: Non-GAAP Financial Measures
This presentation does not constitute an offer to sell or a solicitation of an offer to buy securities or an invitation or inducement to engage in investment activity. Non-GAAP Financial Measures We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”
Slide 3: Building the largest regulated stablecoin network
Building the largest regulated Scale, trust, and infrastructure position us for the next phase of stablecoin adoption. Q2 2026 EARNINGS PRESENTATION August 2026 3
Slide 4: USDC remains the leading stablecoin network
THE USDC NETWORK USDC remains the leading stablecoin network 35 55+ 185 1 2 blockchain networks Registrations / licenses countries1 INTEROPERABILITY · CCTP REGULATORY COVERAGE RESERVE BACKING Native Mint-and-Redeem Licensed Jurisdictions 1:1 Backed USDC moves across chains as a first-class asset, US
Slide 5: USDC network partnerships and scale are unmatched
THE USDC NETWORK USDC network partnerships and scale are unmatched 15+ 150+ 2,750+ 1 1 Partner banks Distribution partnerships Direct relationships1 EXPAND REGULATED FIAT ACCESS INCREASE NETWORK UTILITY VALIDATE USDC AS INSTITUTIONAL-GRADE INFRASTRUCTURE Faster minting and redemption And embed USDC
Slide 6: Volume and liquidity depth reflect growing network utility
THE USDC NETWORK Volume and liquidity depth reflect growing network utility $163B +151% YoY $1.9B +105% YoY $2.9B -45% YoY Daily on-chain transaction volume1 Daily minting and redemptions1 Daily USDC notional volume traded2 TRANSACTION VOLUME PRIMARY LIQUIDITY SECONDARY LIQUIDITY Consistent throughp
Slide 7: Key Highlights
Key Highlights Q2’26 Network Growth Q2’26 Financial Results Platform Expansion Continued Adoption $73.3B $701M OCC Trust Charter Total Revenue & Reserve Federal trust bank foundation for USDC Income 1 +7% YoY Arc Mainnet and +19% YoY Strategic Partners $143M Launching September 16th Adj. EBITDA3 $14
Slide 8: Circle National Trust: An infrastructure bank for the internet financial system
OCC Circle National Trust: An infrastructure bank for the internet financial system OCC approved July 2026 CIRCLE NATIONAL TRUST BUILT FOR USDC AND DIGITAL INSTITUTIONAL CONFIDENCE AND TRUST ASSET CUSTODY Final OCC approval establishes Brings USDC infrastructure into a Circle National Trust under di
Slide 9: Stablecoin Network & Digital Assets Growth & Adoption
Stablecoin Network & Digital Assets Growth & Adoption Q2 2026 EARNINGS PRESENTATION August 2026 9
Slide 10: USDC continues to lead in stablecoin utility
DIGITAL ASSETS USDC continues to lead in stablecoin utility STABLECOIN TRANSACTION VOLUMES STABLECOINS IN CIRCULATION ($B)1 (VISA REPORTED, $T)2 YoY YoY USDC USDT Other USDC USDT Other 1 Source: CoinMarketCap as of June 30, 2026. Stablecoin market share is defined as the amount of USDC in circulation
Slide 11: YoY growth across key network indicators
DIGITAL ASSETS YoY growth across key network indicators USDC ONCHAIN TRANSACTION VOLUME ($T) USDC MINT AND REDEEM VOLUME ($B) YoY YoY USDC minted USDC redeemed Data as of June 30, 2026. USDC onchain transaction volume represents native and canonically bridged USDC settled or processed across all nat
Slide 12: The largest digital Euro and tokenized MMF
DIGITAL ASSETS The largest digital Euro and tokenized MMF EURC IN CIRCULATION (EOP, €M) USYC ASSETS (EOP, $B)1 YoY YoY The largest euro stablecoin in the world2 The largest tokenized money market fund in the world2 1 Information about USYC is directed only to individuals and entities who are not US
Slide 13: USDC is gaining share in rapidly evolving digital asset markets
DIGITAL ASSETS USDC is gaining share and is well positioned in the rapidly evolving digital asset markets BINANCE & HYPERLIQUID SHARE OF HYPERLIQUID PREDICTION MARKETS USDC PERPS OPEN PERPS VOLUME2 (POLYMARKET) INTEREST SHARE1 $33.6B Q2’26 Spot Volume +8.4x YoY $569M Q2’26 Open Interest, EoP +4.2x Y
Slide 14: Arc Mainnet: coming September
ARC Arc Mainnet: coming September 16 PRE-MAINNET 502M 2.8M 99.99% 100+ Testnet cumulative Testnet cumulative transacting Testnet uptime 1 Private mainnet partners2 transactions1 wallets1 VALIDATOR SET OF LEADING FINANCIAL INSTITUTIONS ENTERPRISE-GRADE SECURITY TRUSTED BY MARKETS DISTRIBUTED STEWARDS
Slide 15: DTCC integration brings tokenized markets to Arc
ARC DTCC integration brings tokenized markets to Arc TOKENIZED REAL WORLD ASSETS ONCHAIN MARKET INFRASTRUCTURE Arc will support DTC tokenized Arc’s applications can enable assets, currently including select securities lending, distribution equities, ETFs and Treasuries, and other digitally native us
Slide 16: BlackRock's BUIDL to deploy on Arc
ARC BlackRock’s BUIDL to deploy on Arc BUIDL DEPLOYS ON ARC BlackRock USD Institutional Digital Liquidity Fund (BUIDL) is expected to deploy on Arc, leveraging Arc's onchain institutional infrastructure. Tokenized treasury fund BLACKROCK AS A FOUNDING VALIDATOR on Arc Supporting a new model for bloc
Slide 17: CPN annualized TPV grew 76% QoQ with product expansion
CPN CPN annualized TPV grew 76% QoQ with product expansion IMPROVING ENTERPRISE-GRADE CPN INFRASTRUCTURE ANNUALIZED TPV1 ($B) CPN ONBOARDING CPN ACTIVATION & FAILOVER 76% QoQ Unifies USDC liquidity and Faster corridor launches, fewer network onboarding, disruptions, and automatic agreements, and too
Slide 18: Circle Agent Stack: from agent payment rail to agent labor market
AI Circle Agent Stack: from agent payment rail to agent labor market Settlement feeds reputation, reputation feeds discovery, discovery drives the next payment. 99.3% 900+ H2 2026 of x402 agent-payment volume settles Paid services live in the agent First full turn of the loop, in USDC1 marketplace1
Slide 19: Inside Circle: building an agentic corporation
AI Inside Circle: building an agentic corporation H1 proved adoption at scale. H2 connects people, agents, and models into one orchestrated company. We are building an agentic corporation — and accelerating into it in H2. Adoption at scale H1 2026 - PROVEN Orchestration at scale H2 2026 - ROLLING OU
Slide 20: for Circle
for Circle Q2 2026 EARNINGS PRESENTATION August 2026 20
Slide 21: Financial Performance & Guidance
Financial Performance & Guidance Q2 2026 EARNINGS PRESENTATION August 2026 21
Slide 22: Average quarterly USDC circulation reached all time high
Average quarterly USDC circulation reached all time high, and Circle’s platform share grew 73% YoY USDC IN CIRCULATION USDC IN CIRCULATION RESERVE RETURN RATE MIX BY PLATFORM (EOP, ($B)1 (%) %) 19% YoY EoP Average Source: Company data. 1 USDC in circulation, end of period is the total amount of USDC
Slide 23: Revenue and margin grow YoY
Revenue and margin grow YoY TOTAL REVENUE & OTHER REVENUE RLDC MARGIN1 & NRM2 RESERVE INCOME ($M) (%) ($M) 7% YoY 41% YoY Transaction Subscription & Services Source: Company data. 1 Revenue Less Distribution Costs (RLDC) Margin is Total Revenue & Reserve Income less Total Distribution, Transaction &
Slide 24: Investing to win the future
Investing to win the future TOTAL REVENUE & RESERVE INCOME ADJUSTED OPERATING EXPENSES ADJUSTED EBITDA LESS TOTAL DISTRIBUTION, ($M)1 ($M)2 TRANSACTION & OTHER COSTS Margin (%)3 ($M) 15% YoY 23% YoY 8% YoY Source: Company data. 1 Adjusted Operating Expenses is a non-GAAP financial measure. See the Ap
Slide 25: Third party stablecoin market size predictions for 2030
Third party stablecoin market size predictions for 2030 range from $0.9T to $4.0T PROJECTED STABLECOIN MARKET SIZE High 77% CAGR Low 27% Source: Market data from ARK Invest, Bain & Company, BCG / DFNS / IBM, Citi GPS, Galaxy Ventures, U.S. Treasury / Bessent Q2 2026 EARNINGS PRESENTATION August 2026
Slide 26: Guidance
Guidance Key Indicator Guidance Period Previous Guidance Revised Guidance Multi-year through USDC in Circulation 40% CAGR 40% CAGR cycle Other Revenue FY 2026 $150-170M $310-330M3 RLDC Margin1 FY 2026 38-40% 41.7-43.7%3 Adjusted OpEx2 FY 2026 $570-585M $570-585M Source: Company data. 1 Revenue Less
Slide 27: Appendix
Appendix Q2 2026 EARNINGS PRESENTATION August 2026 27
Slide 28: Condensed consolidated statement of operations
Condensed consolidated statement of operations Three Months Ended Six Months Ended (in $ millions) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 (unaudited) (unaudited) (unaudited) (unaudited) Revenue and reserve income Reserve income $668 $634 $1,320 $1,192 Other revenue 34 24 75 44 Total
Slide 29: Condensed consolidated balance sheets
Condensed consolidated balance sheets June 30, December 31, (in $ millions) 2026 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,730 $ 1,526 Cash and cash equivalents segregated for corporate-held stablecoins 889 823 Cash and cash equivalents segregated for the benefit of stable
Slide 30: Condensed consolidated balance sheets (cont'd)
Condensed consolidated balance sheets (cont’d) June 30, December 31, (in $ millions) 2026 2025 (unaudited) LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Deposits from stablecoin holders $ 72,928 $ 74,913 Accounts payable and accrued expenses 419 361 Convertible debt, net of debt discount
Slide 31: Condensed consolidated balance sheets (cont'd)
Condensed consolidated balance sheets (cont’d) June 30, December 31, (in $ millions, except share information) 2026 2025 (unaudited) Stockholders’ equity Class A common stock ($0.0001 par value; 2.5 billion authorized as of June 30, 2026 and December 31, 2025; 233.5 million and 223.6 million issued
Slide 32: Calculation of RLDC margin and NRM
Calculation of RLDC margin and NRM (in $ millions, except RLDC Margin and Net Reserve Margin) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Reserve Income $ 668 $ 653 $ 733 $ 711 $ 634 Other Revenue 34 42 37 29 24 Total Revenue and Reserve Income 701 694 770 740 658 Distribution and Transaction Costs 410 405 461 44
Slide 33: Reconciliation of Adjusted EBITDA to Net income (loss)
Reconciliation of Adjusted EBITDA to Net income (loss) from continuing operations (in $ millions) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Net income (loss) from continuing operations $ 48 $ 55 $ 133 $ 214 $ (482) Less: Net loss attributable to noncontrolling interests (0) (0) (0) — — Net income (loss) attribu
Slide 34: Reconciliation of Adjusted operating expenses to Operating expenses
Reconciliation of Adjusted operating expenses to Operating expenses (in $ millions) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Operating expenses $ 254 $ 242 $ 254 $ 211 $ 577 Adjusted for: Stock-based compensation expense and related payroll taxes1 (61) (62) (68) (64) (442) Depreciation and amortization expense
Slide 35: Guidance: Reconciliation of Adjusted operating expenses
Guidance: Reconciliation of Adjusted operating expenses to Operating expenses FY'2026 (in $ millions) Low High Operating expenses $949 $1,039 Adjusted for: Stock-based compensation expense and related payroll taxes1 (219) (249) Depreciation and amortization expenses 2 (116) (141) Digital assets loss
Circle Internet Group — Q2 2026 Earnings Presentation on 6ix