Circle reported a 20% increase in total revenue and reserve income on May 11, 2026. This growth followed a 28% year-over-year rise in USDC stablecoin circulation, which reached $77 billion.
The results highlight a critical non-transactional revenue source for Coinbase, a key Circle partner. Coinbase generated $305 million in stablecoin revenue during the first quarter by earning interest on USDC reserves.
This performance contrasts with Coinbase’s own weak Q1 report released the prior week. That report cited a challenging environment for crypto trading volumes.
Coinbase stock rose sharply on May 11 following the Circle announcement. Investors are increasingly focused on stablecoin adoption to offset declining income from trading fees.