Circle Internet Group (CRCL) stock sawsawed on Monday before landing 13% higher by midday.
The stablecoin issuer reported its first quarter earnings amid a volatile year for crypto
Revenue climbed 20% year over year to $694 million, while earnings declined 15% to $55 million, or $0.21 per share. Analysts were expecting $46 million in profits and $721 million in total revenue. However, investor optimism was lifted by higher stablecoin margins, a big token sale to institutions, and growing use-case opportunities.
Its flagship stablecoin, (USDC-USD), ended the first quarter with $77 billion in circulation. That’s a 28% increase from a year earlier and 2.3% from the end of 2025. Crucially, the company earned a higher margin on its stablecoin reserves during the period, signaling less dependence on third-party platforms like crypto exchanges Coinbase (COIN) and Binance. “They’re getting more of the volume from their platform, which means they’re relying less on some of the other third-party platforms,” Mizuho analyst Dan Dolev said in an interview, adding that the company is steadily growing use cases for stablecoins.