Circle

$Circle(CRCL.US) released Q3 results pre-market on Nov 4 (ET).

Specifically: 1) Reserve interest income declined as expected.

Arc mainnet is slated for Sep 16, and a $242 mn token presale lifted full-year other revenue guidance to $310–330 mn (vs. $150–170 mn).

Below is Dolphin Research's Trans of $Circle(CRCL.US) Q1 2026 earnings call. For our take, see 'Circle: Ugly tape, but the No.1 stablecoin play keeps expanding'.

On May 11 pre-market ET, the first listed stablecoin play $Circle(CRCL.US) reported Q1 2026 results. The release frames how investors assess drivers beyond rates and USDC scale.

Because USDC circulating supply and reserve asset yields are public, roughly 95% of interest income is largely knowable. As a result, Circle's share price has mostly tracked changes in USDC market cap, effectively a proxy for rate-cut expectations and shifts in crypto policy.

Where the print can surprise is in non-interest revenue, internal operating efficiency, and the guidance. These elements signal the company's medium- to long-term strategic priorities.

Below is Dolphin Research's Trans of the $Circle(CRCL.US) FY25 Q4 earnings call.

On Feb 25 pre-market (ET), stablecoin USDC issuer $Circle(CRCL.US) released Q4 2025 results. The biggest driver, interest income on reserve assets, is fairly transparent given public USDC market cap and Fed rate levels.

The following are the Minutes of the $Circle (CRCL.US) FY25 Q3 earnings call. For a quick interpretation, you can simply review the Quick Interpretation of the financial report. 1. Financial Core Data Review: (1) Performance Overview: USDC circulation reached $73.7 billion, a year-on-year increase of 108%; on-chain transaction volume was $9.6 trillion, a year-on-year increase of 580%. (2) Profitability: Total revenue and reserve earnings were $740 million, a year-on-year increase of 66%; Adjusted EBITDA was $166 million, a year-on-year increase of 78%. The profit margin reached 57%...

The following are the minutes of the FY25 Q2 earnings call for $Circle(CRCL.US). For an interpretation of the financial report, please refer to "Circle: Making or Losing Money is a Minor Issue, the Ecosystem is the Main Artery!" 1. Review of Core Financial Information (1) Guidance and Future Outlook: ◦ The company does not provide short-term quarterly guidance but offers a full-year key metrics outlook. It is expected that the total revenue for 2025 will exceed previous expectations, with the core model for USDC's compound annual growth rate at 40%. ◦ Other income for 2025 is expected to be between $75 million and $85 million...

Before the market opened on August 12th, Eastern Time, the first stablecoin stock $Circle(CRCL.US) released its first financial report since going public. For this financial report, short-term performance is not the focus. The primary goal at present is to increase distribution channels and expand application scenarios to jointly grow the USDC ecosystem. This means that necessary cost concessions and expense investments are indispensable, and thus the profit figures will inevitably continue to look unattractive. Therefore, the core of this financial report lies in the company's short-term and long-term strategic changes and future outlook. Coincidentally, the management provided an annual guidance in the second-quarter report...

$Coinbase(COIN.US) $Circle(CRCL.US) In the first two articles of the cryptocurrency series ('Coinbase Business Logic', 'Stablecoin Discussion'), Dolphin Research introduced Coinbase's business model, the market size of stablecoins, and the scarcity issue of USDC. To prevent information overload, let's highlight the key points: 1. Coinbase currently primarily generates revenue from cryptocurrency transaction fees, mainly from retail investors. However, with increasing competition (regulation has both advantages and disadvantages, clearing out low-compliance crypto trading platforms...