USDC processed $36 trillion in H1 transactions, but Circle kept just 7 cents of every revenue dollar

Stablecoin issuer Circle spent 93% of its first-half revenue on distribution, operations, and investment as USDC processed more than $36 trillion in transactions. The stablecoin issuer generated about $1.4 billion in revenue in the first six months of 2026, but $819 million went to distribution partners and transaction costs, while another $473 million covered operating expenses.