2026년 2월 26일 · Unknown · financial · 출처 Nasdaq
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DATE
Wednesday, Feb. 25, 2026 at 8 a.m. ET
CALL PARTICIPANTS
Co-Founder, Chief Executive Officer, and Chairman — Jeremy AllaireChief Financial Officer — Jeremy Fox-GeenVice President, Investor Relations — John Andrews
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TAKEAWAYS
USDC in Circulation -- $75.3 billion at period end, up 72% year-on-year, with on-platform USDC rising 5.6x to $12.5 billion, representing 17% of total circulation.Onchain Transaction Volume -- Nearly $12 trillion for the quarter, 247% year-on-year growth, indicating elevated digital dollar utility and adoption.Total Revenue and Reserve Income -- $770 million, increasing 77% year-on-year, driven by both USDC growth and other revenue components.Adjusted EBITDA -- $167 million, growing 412% year-on-year, with a reported adjusted EBITDA margin of 54%.Revenue less Distribution Cost Margin (RLDC) -- 40.1% for the quarter, a 0.6 percentage point sequential increase, primarily due to higher other revenue.Distribution, Transaction, and Other Costs -- $461 million, up 52% year-on-year, including a disclosed $60 million onetime payment to a large partner in the prior year.Other Revenue -- $37 million, comprising $24.7 million from blockchain network partnerships and $12.2 million in transaction revenue, with a notable $7 million benefit from Canton Coin trading.Adjusted Operating Expenses -- $144 million, a 32% year-on-year increase, with comparable expenses of $133 million under an amended definition effective in the following quarter.CCTP Volume -- Over $41 billion in the quarter, 3.7x year-on-year growth, with CCTP accounting for more than 50% of bridge volume across assets and reaching 62% share in January.EURC Circulation -- €310 million at period end, increasing 3.8x year-on-year, with further growth to €389 million as of February 20.USYC Assets -- Approximately $1.5 billion at year-end, expanding to $1.7 billion after quarter-end.Circle Payments Network (CPN) -- 55 financial institutions enrolled (up from 29 in the prior quarter), $5.7 billion annualized volume as of February 20, growing 68% sequentially.Arc Testnet Performance -- Over 166 million total transactions executed with an average settlement finality of 0.5 seconds, and approximately 2.3 million daily transactions during testing.Stablecoin Network Market Share -- Circle's share of transaction volume rose from 39% to nearly 50% quarter-on-quarter per Visa(NYSE:V) analysis.Guidance -- For fiscal 2026 (period ending Dec. 31, 2026), other revenue forecasted at $150 million to $170 million, RLDC margin expected between 38%–40%, and adjusted operating expenses projected at $570 million to $585 million, with methodology changes to expense definition reflected.Network Expansion -- USDC now supported on over 30 blockchain networks, underscoring interoperability as a strategic priority.Major Partnerships -- Intuit(NASDAQ:INTU), Visa(NYSE:V), Polymarket, Cash App (Block, NYSE:SQ), Gusto (private), Deal (Deel, private), Interactive Brokers(NASDAQ:IBKR), JPMorgan(NYSE:JPM), and Mastercard(NYSE:MA) launched products leveraging USDC.Regulatory Progress -- GENIUS Act described as a tailwind, enabling institutional adoption and prompting supportive SEC and CFTC guidance for stablecoin usage in capital markets.Product Innovation -- StableFX introduced in beta, providing onchain FX conversion with atomic settlement and participation from numerous stablecoin issuers worldwide.AI Integration -- Active development and deployment of agentic payments infrastructure, including a Circle Gateway testnet and unique support for AI agent-initiated transactions at a cost of $0.00001 per transaction.
SUMMARY
Circle Internet Group(NYSE:CRCL) reported accelerated network usage and significant platform development, underpinned by expansion in both product suite and regulated partnerships. Management emphasized the successful deployment of Arc Testnet, enabling high-velocity transaction capabilities and laying groundwork for Proof of Authority Mainnet launch with strategic partners. Regulatory initiatives such as the GENIUS Act and anticipated bipartisan CLARITY Act were cited as drivers for further institutional engagement and cross-border stablecoin adoption. Ongoing AI-focused infrastructure investments have positioned Circle to capitalize on emergent agentic economic trends, with unique technical advantages in programmable digital currency settlement. Guidance for fiscal 2026 (period ending Dec. 31, 2026) targets a material lift in other revenue while advancing cost structure transparency through refined operating expense definitions to align with adjusted EBITDA reporting.
Circle’s infrastructure contributes to high wallet and developer adoption, with Circle Gateway and platform APIs integrated into agentic and standard coding environments.Other revenue is at an inflection point, reflecting the initial commercialization of blockchain network partnerships, transaction-based services, and tokenized asset management, all launched within the last five quarters.Institutional appetite for CPN is broadly based, with onboarding momentum sustaining a robust pipeline of hundreds of prospective banks and payment firms under review.Circle is establishing Arc as a liquidity and distribution hub for both USDC and diverse tokenized assets, facilitating issuance and transferability across blockchain ecosystems via CCTP and interoperability technologies.Management highlighted that approximately 99% of agentic payments currently utilize USDC, supported by Circle’s cross-chain deployment and involvement in agentic payment standardization (e.g., x402).First National Digital Currency Bank conditional approval is expected to enhance Circle’s market infrastructure credibility, strengthening institutional trust and custody solutions for USDC and related reserves.Circle’s approach to distribution cost management emphasizes organic partnership growth, low reliance o…