Circle reports $73.3 billion USDC in circulation at Q2 end, the base for Coinbase's USDC revenue

Circle's Q2 2026 release, dated August 5, 2026, put USDC in circulation at $73.3 billion at quarter end, up 19% year over year, and average circulation at $76.5 billion, up 25%. The reserve return rate fell 66 basis points year over year and Circle's adjusted EBITDA was $143 million. Coinbase's USDC-related income rises and falls with circulation on its platform and with reserve rates, so these figures feed directly into its subscription and services line.

• USDC in circulation $73.3B at quarter end, up 19% YoY
• Average USDC in circulation $76.5B, up 25% YoY
• Reserve return rate down 66 basis points YoY
• Circle adjusted EBITDA $143M, up 8% YoY