Circle's USDC Processes $36 Trillion in H1 2026, Retaining Just 7 Cents per Revenue Dollar

Circle, the issuer of the USDC stablecoin, reported that it processed more than $36 trillion in transactions in the first half of 2026. Despite this impressive figure, the company retained only 7 cents for every dollar of revenue generated.

In total, Circle generated approximately $1.4 billion in revenue during this period. However, a significant portion of this revenue—$819 million—was allocated to distribution partners and transaction costs. Additionally, $473 million was spent on operational expenses.

This heavy expenditure highlights the challenges faced by stablecoin issuers in balancing transaction volume with profitability.