- Circle generated approximately $1.4 billion in revenue during the first half of 2026, with $819 million going toward USDC distribution partners and transaction costs.
- The company reinvested approximately $473 million into infrastructure, compliance and product development while retaining roughly 7% of revenue as net profit.
- USDC processed more than $36 trillion in onchain transaction volume, accounting for approximately 77% of global stablecoin transaction volume in June.
Circle Internet Group has revealed new financial details about its USDC stablecoin business, reporting approximately $1.4 billion in revenue during the first half of 2026.
The company disclosed the figures in a Friday blog post addressing criticism from emerging stablecoin competitors about the economics of established issuers.
Circle said $819 million of its revenue went toward distribution partners and transaction costs, while approximately $473 million was reinvested into infrastructure, compliance and product development.
Despite generating substantial revenue, Circle reported retaining only about seven cents in net profit for every dollar earned.
Circle Defends USDC Business Model
Circle’s latest disclosure comes as new stablecoin issuers challenge established companies over their revenue-sharing arrangements and operating costs.
Some competitors argue that existing stablecoin providers retain excessive revenue and charge unnecessary redemption fees.
However, Circle maintains that operating a widely adopted digital dollar requires significant ongoing investment.
Circle Chief Operating Officer Kash Razzaghi said the company’s infrastructure spending is essential to maintaining USDC’s reliability and accessibility.
“That reinvestment is not overhead,” Razzaghi wrote.
He emphasized that USDC must remain redeemable around the clock, operate across multiple blockchain networks and integrate with regulated financial institutions.
Circle also highlighted more than eight years of development behind its stablecoin infrastructure.
USDC Transaction Volume Exceeds $36 Trillion
USDC continues to play a significant role in global stablecoin transactions.
According to Circle, the stablecoin processed more than $36 trillion in onchain transaction volume.
The company also reported that USDC accounted for approximately 77% of global stablecoin transaction volume in June, compared with 60% during the same period a year earlier.
The increase suggests USDC has expanded its share of stablecoin transaction activity despite growing competition.
Meanwhile, Standard Chartered recently reported that monthly stablecoin transfer value has averaged nearly $10 trillion during 2026.
The figures highlight the increasing use of stablecoins for cryptocurrency trading, payments and blockchain-based financial transactions.
Circle Prepares for Third-Quarter Earnings
Circle’s financial performance has also attracted attention from Wall Street analysts.
In September, William Blair analysts suggested that Circle could benefit from a broader cryptocurrency market recovery.
The firm identified regulatory developments, increasing tokenized asset activity and business diversification as potential growth drivers through 2027.
Growing stablecoin adoption could also support demand for USDC as more financial institutions explore blockchain-based payments and settlement.
However, Circle continues to face competition from established stablecoin issuers and emerging companies introducing alternative digital dollar products.
Investors will get another look at Circle’s financial performance when the company reports its third-quarter earnings on Nov. 4.
The results could provide additional insight into USDC adoption, distribution expenses and Circle’s ability to translate growing transaction activity into profitability.
