Circle generated approximately $1.4 billion in revenue during the first half of 2026, retaining only about 7% as net profit after expenses, according to the company's Chief Commercial Officer Kash Razzaghi.
Where the Revenue Went
Of the $1.4 billion in revenue, approximately $819 million (59%) went to USDC distribution partners and transaction costs. Another $473 million, roughly 34%, was spent on licensing, banking relationships, liquidity, compliance, product development, and blockchain integrations.
The Cost of Operating Stablecoin Infrastructure
Circle maintains more than 55 licenses and registrations and relationships with over 25 banks. The company has deployed USDC natively across more than 35 blockchains. To support redemptions outside conventional banking hours, Circle pre-positions cash with banking partners, sacrificing some yield in exchange for liquidity.
Razzaghi emphasized that operating a stablecoin at global scale requires significant infrastructure investment. "A stablecoin is not a software product. It is monetary infrastructure, and it has to be financially sound," he wrote.
Expanded Redemption Services
Circle now offers free, near-real-time USDC redemptions 24/7/365 through the Circle Payments Network and eligible Circle Platform clients. Standard redemptions remain free and typically settle within two business days.
During the first half of 2026, Circle minted and redeemed more than $315 billion of USDC, equal to roughly $1.7 billion per day. In the second quarter alone, combined minting and redemption volume reached $170 billion, up 105% from the previous year.
Market Share and Scale
USDC processed more than $36 trillion in onchain transaction volume in the first half of 2026. By June, Circle reported that USDC accounted for roughly 77% of global stablecoin transaction volume, up from 60% a year earlier.
The stablecoin industry's competitive landscape is shifting from who can issue a digital dollar to who can distribute and redeem it quickly while maintaining sufficient economics to support underlying infrastructure.
