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Circle (CRCL), the company behind the 2nd largest stablecoin USDC, said in its Q1 2026 report that maintaining its share of the stablecoin market is becoming increasingly expensive as competition intensifies.
The report highlights mounting challenges as rivals expand their stablecoin offerings and distribution. Ripple has been promoting its own stablecoin, RLUSD, while PayPal has been steadily increasing its retail presence with PYUSD. Against this backdrop, Circle’s USDC issuance business model is facing pressure from rising costs.
Circle reported 20% year-over-year revenue growth to $694 million. However, the figure came in weaker than Wall Street expectations, which were at least $720 million.
The largest decline was in GAAP net income, which fell 59% compared with the previous quarter to $55 million. Adjusted EBITDA also declined 10% sequentially, signaling deterioration in operational efficiency amid competitive pressure.
Circle also reported earnings per share (EPS) of $0.21, which beat the consensus estimate, though it did not meet the targets of an optimistic scenario.
The report said the situation is further complicated by PayPal USD (PYUSD). In spring 2026, PYUSD’s market capitalization surpassed $4.1 billion as PayPal expanded at scale, bringing PYUSD to 70 international markets and integrating it into institutional funds, including State Street’s SWEEP.
Circle also pointed to PayPal’s existing user base—described as hundreds of millions of users—as a factor that reduces USDC’s advantage in real-world payments and cross-border transfers.
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