Circle kept 7 cents per dollar as USDC processed $36 trillion

Circle reported more than $36 trillion in USDC on-chain transaction volume in the first half of 2026. The stablecoin issuer generated about $1.4 billion in revenue and retained approximately $103 million in net profit, or about seven cents per dollar.

Circle spent $819 million on distribution and transaction costs and $473 million on operating expenses and investments. Distribution and transaction costs accounted for about 59 cents of each revenue dollar, leaving 41 cents before operating expenses and investments.

The figures were released Oct. 16 by Chief Commercial Officer Kash Razzaghi. They came as newer stablecoin providers offered businesses a larger share of income from the assets backing digital dollars.

Circle earns most of its revenue from cash and U.S. government securities held as USDC reserves. Exchanges, wallets and payment companies that attract users and hold USDC balances receive part of the income generated by those assets.

Coinbase remains Circle’s largest and longest-standing distribution partner. The average amount of USDC held across Coinbase products reached $20 billion in the second quarter, up 44% from a year earlier, according to figures cited by Circle.

Binance signed a five-year commercial agreement with Circle in September and invested $100 million in the company. More than 150 other partners have an economic interest in USDC’s growth, Circle reported.

USDC accounted for about 77% of global stablecoin transaction volume by June, up from 60% a year earlier, according to Circle. The company also reported more than $315 billion in combined USDC issuance and redemptions during the first half, equal to about $1.7 billion a day.

Second-quarter issuance and redemptions totaled $170 billion, up 105% from the same period in 2025. The transactions involved moving funds between traditional bank accounts and blockchain-based dollars.

Circle has more than 55 licenses and regulatory registrations, relationships with more than 25 banks and USDC deployments on more than 35 blockchains. Its compliance operations cover 185 countries.

Direct customers can redeem USDC without fees through regular banking channels, with settlement taking up to two business days. Eligible customers can use Circle’s platform products and Circle Payments Network for free, near-real-time redemptions.

Circle holds cash with banking partners to support dollar payments during weekends and holidays. These balances remain readily available and generally earn less than funds invested in Treasury securities.

The company’s reserves include assets held in a government money market fund managed by BlackRock and custodied at BNY. Circle is scheduled to report its third-quarter financial results on Nov. 4.