Circle Internet Group, Inc. shares traded above $90 Wednesday ahead of a U.S. jobless claims report that could affect rate expectations relevant to the stablecoin issuer’s reserve income.
ChartExchange quoted Circle at $91.49 at 1:30 p.m. ET, compared with Tuesday’s closing price of $85.87.
The U.S. Department of Labor’s latest weekly report put seasonally adjusted initial claims at 199,000 for the week ended Oct. 10, up 1,000 from the prior week’s revised figure. The four-week average was 198,500, while insured unemployment stood at 1.71 million for the week ended Oct. 3. The next initial claims report is scheduled for Thursday, Oct. 22.
The claims figures may shape expectations for the Federal Reserve’s next move, but they cannot by themselves establish what Circle will earn. The company receives income from the reserves backing its USDC stablecoin. Both the amount of USDC in circulation and the return on those reserves affect that income.
Circle reported $668 million in reserve income for the second quarter of 2026, up 5% from a year earlier. A 25% increase in average USDC circulation supported the income gain, while a 66-basis-point decline in the reserve return rate partly offset it. USDC in circulation stood at $73.3 billion at quarter-end.
Distribution, transaction and other costs totaled $412 million for the quarter, up 1% from a year earlier. Circle said higher distribution payments accounted for most of that increase. Circle co-founder, CEO and Chairman Jeremy Allaire cited the rate environment and a slower crypto market when discussing the results.
The Federal Reserve raised its target rate range by 0.25 percentage point to 3.75%–4% on Sept. 16. Its Federal Open Market Committee said inflation remained elevated. The next rate announcement is scheduled for 2 p.m. ET Wednesday, Oct. 28.
Circle plans to report third-quarter results on Nov. 4, with a webcast scheduled for 8 a.m. ET.
