Circle Processes $36 Trillion in USDC and Reveals Profit Margins

Circle processed over $36 trillion in USDC stablecoin transactions during the first half of 2026. This volume accounts for roughly 77% of all global stablecoin transactions recorded through June.

The company's total revenue for the period reached $1.4 billion. Of that amount, the firm allocated $819 million to transaction costs and payments to distribution partners. Another $473 million went toward operating expenses and network investments.

Net profit retained by the issuer totaled approximately $103 million. This equals seven cents for every dollar of revenue generated by the operation. The company maintains that these high costs are necessary to support compliance systems and banking access.

The distribution strategy involves partnerships with exchanges and payment platforms. Coinbase remains the largest partner, with an average USDC balance reaching $20 billion in the second quarter. Circle also signed a five-year commercial agreement with Binance in September.

The cost structure reflects intense competition among stablecoin issuers for distribution channels. Circle uses the yields from the assets backing the currency to sustain the ecosystem and incentivize the use of the digital asset.