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...

上篇讲$Coinbase(COIN.US) ，海豚君说到 Coinbase 的价值能否打开非常依赖稳定币。一方面，稳定币有利于 Coinbase 生态内的交易、托管、质押等基础业务，最关键是给 Coinbase 拓展了更多的业务场景，通过商业支付、资产代币化投资等等，打开增长的想象空间。另一方面，稳定币自带收入，发行稳定币的储备资产主要是美债，自带不低的利息收益。而 Coinbase 目前按照协议...

I. Core Concepts: 1. Origin: Stemming from the early demand in the crypto industry for stable pricing tools, it addresses the trading challenges caused by the high volatility of Bitcoin and others. 2. Definition: It is a cryptocurrency pegged to the value of fiat currency, with its core advantage being the ability to deeply integrate with DeFi and other blockchain projects. As traditional financial institutions venture into the RWA (Real World Assets) sector, stablecoins have made groundbreaking progress in payment and market applications. They not only serve as a pricing tool in the cryptocurrency market but are also gradually replacing the payment functions of traditional fiat currencies. 3. In terms of scope, stablecoins themselves are a form of RWA (Real World Assets on-chain)...