Why can reserve income lag USDC growth?
Reserve returns change with interest rates and the asset mix. More circulation can therefore produce slower income growth when yields fall.
Issuer definition
VizualStocks APIHistorical operating KPI

Quarterly history chart
Circle Reserve Income has 10 quarterly observations through Q2 2026. Bars show normalized relative relationships, not historical raw values. Complete values are available through the VizualStocks API.
Reserve returns change with interest rates and the asset mix. More circulation can therefore produce slower income growth when yields fall.
Issuer definitionNo. Distribution and other costs sit below this income measure. Compare those costs separately when studying Circle’s retained economics.