Circle (CRCL)
Issuer of USDC and EURC with payment, interoperability, and developer infrastructure.
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Issues USDC and EURC and supplies institutional minting, redemption, interoperability, payments, and foreign-exchange infrastructure. Revenue is dominated by income on the reserve assets backing its stablecoins, while business economics also depend on banking access, regulation, interest rates, and distribution partners such as Coinbase.
Issues USDC and EURC and provides Circle Mint, cross-chain infrastructure, tokenized assets, payment and foreign-exchange applications. Arc and developer tools form the network layer, while Circle Payments Network and StableFX connect stablecoins to institutional workflows.
Operations span regulated entities and permissions across the United States, Europe, and several international markets. The platform combines full-reserve stablecoin issuance with institutional minting, redemption, interoperability, and settlement infrastructure; reserve income remains the dominant revenue source.
Business economics depend on reserve assets backing USDC and EURC, interest rates, access to banking partners, and distribution relationships including Coinbase. Stablecoin rules differ by jurisdiction, Arc remains in public testnet, and the new national trust charter has limited scope rather than general deposit-taking authority.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 15, 2026 | Compass Point | Upgrade | ||
| Aug 25, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $71 | Target: $81 |
| Aug 25, 2026 | Wolfe Research | Reiterate | Rating: —Target: — | Target: $65 |
| Aug 24, 2026 | Susquehanna | Reiterate | Rating: —Target: $69 | Target: $92 |
| Aug 17, 2026 | Seaport Global | Target | Target: — | Target: $100 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.73B · Total debt $0 · Total assets $77.17B · Shareholders' equity $3.51B
- Revenue
- $701.3M
- Operating income
- $45.9M
- Net income
- $48.2M
No dividends on record.
| Institutions | ≈ 50.06% | 127.09M shares | |
|---|---|---|---|
| 645 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 8.24% | 20.93M shares | |
| 14 holders · as of Sep 10, 2026 | |||
| Strategic holders | 19.92% | 50.58M shares | |
| 3 holders · as of Feb 4, 2026 | |||
| Other | ≈ 21.78% | 55.27M shares | |
| remainder | |||
253.88M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
General Catalyst Group VI, L.P.Strategicother: Former 10% owner | 7.93% | 20.12M A | filed Jun 9, 2025 |
Chuang Xi Capital Ltd1Strategic10 percent owner | 7.32% | 18.58M A | filed Feb 4, 2026 |
Jeremy Allaire2Insiderdirector, officer: Chairman and CEO | 7.08% | 18.49M A | filed Sep 10, 2026 |
Oak Management CorporationStrategic | 4.68% | 11.88M | filed Aug 12, 2025 |
Idg China Capital Fund Iii Associates L.P.Institution | 3.51% | 8.90M A | as of Jun 30, 2026 |
- Chuang Xi Capital Ltd's own ownership statement (13G, Feb 4, 2026) reports fewer shares than the transaction reports; the statement is used.
- Jeremy Allaire's transaction reports restate only vehicles that traded; the 2025 ownership statement (18.49M) less the 512.1K net shares sold since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 8, 2026 | Jeremy Allaire | director, officer: Chairman and CEO | −59,231 | $98.04 |
| Sep 8, 2026 | Nikhil Chandhok | officer: Chief Product & Tech. Officer | −26,666 | $100.40 |
| Sep 1, 2026 | Patrick Sean Neville | director | −50,000 | $92.09 |
| Sep 2, 2026 | Tamara L. Schulz | officer: Chief Accounting Officer | −1,194 | $87.87 |
| Sep 2, 2026 | Hossein Razzaghi | officer: Chief Commercial Officer | −7,458 | $87.87 |
- PayPal
Dollar-stablecoin rival in payments and cross-border commerce
- JPMorgan Chase
Institutional onchain settlement and programmable-payment rival
- Fiserv
Institutional stablecoin and digital-asset payment overlap
- Mastercard
Adjacent overlap in stablecoin settlement and cross-border payment rails
- Franklin Templeton
Tokenized money-fund and onchain fund-infrastructure rival
ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Circle | $96.89 | +2.87% | $25.26B | 50.3 | — | 8.7 | +6.6% |
| PayPal | $53.24 | +1.14% | $45.01B | 9.9 | 9.5 | 1.3 | +4.8% |
| JPMorgan Chase | $352.76 | +0.18% | $943.29B | 15.2 | 14.6 | 3.2 | +27.8% |
| Fiserv | $47.03 | +1.12% | $24.78B | 8.9 | 6.3 | 1.2 | −10.0% |
| Mastercard | $569.00 | +0.07% | $497.85B | 31.2 | 26.8 | 14.2 | +14.1% |
| Franklin Templeton | $33.67 | +1.98% | $17.48B | 22.4 | 10.9 | 1.9 | −12.0% |
| Median | 15.2 | 10.9 | 1.9 | +4.8% |