Circle's Q2 2026 revenue of $701M missed estimates despite an EPS beat, as falling interest rates squeezed reserve income. USDC circulation hit

TD Cowen initiates Circle Internet Group at Buy with an $82 price target, citing 31% USDC CAGR and platform revenue diversification.

The bank said tokenized money market funds, Open USD and slower USDC growth could weigh on the stablecoin issuer's earnings.