From Stablecoins to Infrastructure: Circle Charts the Rise of the Internet Financial System in 2026 Report
Circle Internet Group, Inc. (‘Circle') (NYSE:CRCL), one of the world's leading internet financial platform companies, today released a flagship report that charts the formation of a new global economic architecture: "Beyond Stablecoins: The Rise of the Internet Financial System." The 2026 report marks a pivotal milestone in the evolution of global finance, showcasing how public blockchains, regulated stablecoins, and programmable infrastructure are forming the foundation of a new, internet-native financial operating system.
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Circle 2026 Report: Beyond Stablecoins: The Rise of the Internet Financial System
This transformation mirrors earlier inflection points in technological advancement, from the rise of the web to the emergence of cloud, mobile, and AI platforms. It is beginning to reshape how financial systems operate, connect, and evolve on a global scale, with Circle's full-stack platform serving a foundational role in this transition.
The report outlines Circle's framework for internet-native financial infrastructure amid rising adoption across payments, capital markets and humanitarian use cases. This architecture includes three reinforcing pillars:
- Widely adopted regulated stablecoins USDC1, EURC2, and leading tokenized money market fund USYC3;
- Arc4, the enterprise-grade layer-1 blockchain built by Circle and engineered as the Economic Operating System (OS) for the internet, alongside robust developer tools and seamless interoperability infrastructure; and,
- Circle applications, including Circle Payments Network (CPN)5, an application coordination layer that orchestrates programmable, compliant and auditable payments.
Together, these pillars are designed to support open, programmable, and trusted value exchange from consumer wallets to institutional capital markets across geographies.
The report also features perspectives and commentary from leading banks, fintech platforms, and humanitarian organizations, offering insights into how this infrastructure is already being applied in real-world settings today.
Together, these developments reflect a broader industry shift towards internet-native financial infrastructure. Circle's infrastructure is now powering financial innovation across banks, fintechs, asset managers, aid organizations, and developers building the next generation of onchain financial applications. This shift is enabling new models for treasury operations, capital markets, cross-border settlement, and aid distribution as part of a broader evolution toward a financial system that is programmable, interoperable and always on.
Signals Shaping 2026: Infrastructure in Action
These milestones from 2025 point to the foundational infrastructure and use cases underscore growing adoption as internet-native systems continue to scale globally:
- USDC onchain volume reached $9.6 trillion in Q3 2025, up 680% year-over-year,6 as adoption accelerated across institutional finance, payments, and markets
- Nearly $217 billion in USDC redemptions processed in 20257, reflecting Circle's always-on liquidity and deep integration with the global banking system
- EURC became the leading euro stablecoin by market share and circulation (>50%)8, scaling rapidly following MiCA compliance
- Circle's tokenized U.S. Treasury fund USYC reached $1 billion in circulation9, unlocking real-time access to yield-bearing instruments onchain
- Circle's Cross-Chain Transfer Protocol (CCTP) processed $31 billion in seamless USDC transfers in Q310, up 740% year-on-year, with USDC now natively available on 30 blockchain networks
- Circle Payments Network (CPN) has grown rapidly since its launch in May 2025, reaching a $3.4 billion annualized transaction volume volume11, while also opening new corridors across Brazil, Nigeria, and more
- Partnerships with Globally Systemically Important Banks (GSIBs) that are accelerating their exploration and use of stablecoins in custody, treasury, collateral, and settlement use cases
- Humanitarian partnerships enabled stablecoin-based cash assistance for displaced communities, with 40% cost savings and settlement time reduced from weeks to minutes
- Circle's Arc blockchain testnet launched in October with 100+ participating companies spanning every major region and sector
From programmable capital markets to humanitarian aid distribution, these developments illustrate how Circle's infrastructure is being used today to solve complex challenges across the global economy, and how the internet financial system is beginning to take shape.
Jeremy Allaire, Chairman, Co-Founder, and Chief Executive Officer of Circle said, "This report captures the rise of an open, trusted, and programmable economic system for the internet where stablecoins like USDC and infrastructure like Arc support the next generation of commerce, capital markets, and social impact. The financial system is going online, and Circle is proud to be building the infrastructure to support that transition."
Dante Disparte, Chief Strategy Officer and Head of Global Policy and Operations of Circle added, "2025 marked a clear inflection point for the global financial system. With a landmark stablecoin law taking effect in the United States and increasing regulatory clarity worldwide, a new era of compliant, programmable, and interoperable finance is coming into view. Circle is integrating this emerging infrastructure into the global financial system with openness, transparency, and regulation at heart."
To explore the full report, including data, use cases, and Circle's vision for the internet financial system, visit: www.theifsreport.com
About Circle Internet Group, Inc.
Circle (NYSE:CRCL) is one of the world's leading internet financial platform companies, building the foundation of a more open, global economy through digital assets, payment applications, and programmable blockchain infrastructure. Circle's platform includes the world's largest regulated stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com.
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1 USDC is issued by regulated entities of Circle. A list of Circle's regulatory authorizations can be found here. |
2 EURC is issued by regulated entities of Circle. A list of Circle's regulatory authorizations can be found here. |
3 USYC is a digital asset token. Each USYC token serves as a digital representation of a share of the Hashnote International Short Duration Fund Ltd. (the "Fund"), a Cayman Islands registered mutual fund. The Fund has appointed Circle International Bermuda Limited ("CIBL"), a Bermuda Monetary Authority licensed digital asset business, as its token administrator, responsible for the management of USYC on behalf of the Fund. Shares of the Fund and USYC are only available to non-U.S. Persons, as defined under the Securities Act of 1933, as amended. Additional eligibility restrictions may apply. The information provided herein is solely for educational and informational purposes and should not be construed as an offer to sell or a solicitation of an offer to buy any security, financial instrument, or other product. |
4 Arc testnet is offered by Circle Technology Services, LLC ("CTS"). CTS is a software provider and does not provide regulated financial or advisory services. You are solely responsible for services you provide to users, including obtaining any necessary licenses or approvals and otherwise complying with applicable laws. Arc has not been reviewed or approved by the New York State Department of Financial Services. |
5 Circle Technology Services, LLC (CTS) is the operator of Circle Payments Network (CPN) and offers products and services to financial institutions that participate in CPN to facilitate their CPN access and integration. CPN connects participating financial institutions around the world, with CTS serving as the technology service provider to participating financial institutions. While CTS does not hold funds or manage accounts on behalf of customers, we enable the global ecosystem of participating financial institutions to connect directly with each other, communicate securely, and settle directly with each other. CTS is not a party to transactions between participating financial institutions facilitated by CPN who use CPN to execute transactions at their own risk. Use of CPN is subject to the CPN Rules and the CPN Participation Agreement between CTS and a participating financial institution. |
6 As of September 30, 2025 compared to September 30, 2024. |
7 12 months ending December 11, 2025. See https://www.circle.com/transparency |
8 As of December 18, 2025, see https://defillama.com/stablecoins?pegtype=PEGGEDEUR. |
9 As of December 18, 2025, see https://app.rwa.xyz/treasuries |
10 Source: Company data. |
11 Transaction Volume Processed (TPV) and growth is calculated using the trailing 30 days as of November 7, 2025. See https://www.circle.com/pressroom/circle-reports-third-quarter-2025-results |
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