Circle just posted its Q2 2026 earnings, and Bernstein’s takeaway is essentially: the bears are looking at the wrong spreadsheet.
The Wall Street research firm is maintaining its Outperform rating on CRCL, arguing that Circle’s partnerships, regulatory approvals, and its upcoming Arc launch create revenue streams that current consensus estimates simply aren’t capturing.
The numbers behind the optimism
Circle reported total revenue and reserve income of $701 million for Q2 2026, a 7% year-over-year increase.
USDC circulation hit $73.3 billion, up 19% year-over-year. The real jaw-dropper sits in the transaction data: onchain volume surged to $14.8 trillion, a 151% year-over-year increase.
