USDC processed $36 trillion in H1 transactions, but Circle kept just 7 cents of every revenue dollar
Summary
Circle reported about $1.4 billion in first-half 2026 revenue, spending $819 million on distribution and transaction costs and $473 million on operations and network investment, leaving roughly $103 million in net profit. It says these costs support USDC’s banking, liquidity and compliance infrastructure as competition grows over how reserve income is shared with distributors. USDC processed more than $36 trillion in on-chain volume, representing about 77% of global stablecoin transaction volume by June, Circle said. The company cited expanding partnerships, banking access and near-real-time redemptions as investments needed to sustain growth. Its third-quarter results are due Nov. 4.
