Circle has announced its financial results for the first quarter of fiscal year 2026, reporting a revenue of $694 million, marking a 20% increase year-over-year. The circulating supply of USDC reached $77 billion, a 28% rise compared to the previous year. Despite the revenue growth, net income from continuing operations fell by 15% to $55 million. USDC's on-chain transaction volume soared to $21.5 trillion, a 263% increase year-over-year. Reserve income grew by 17% to $653 million, driven by a 39% increase in average USDC outstanding, though partially offset by a decline in reserve yield. Operating expenses rose significantly by 76% to $242 million, largely due to increased personnel costs following Circle's IPO. Adjusted EBITDA increased by 24% to $151 million, reflecting the revenue growth from higher USDC circulation.