Circle processed $32 trillion in adjusted USDC transfers in 2026 through August, measured by Coin Metrics, with an annualized velocity of 741x the supply. In the second quarter, reserve income supplied 95.2% of total revenue of $701.3 million, versus only $5.3 million in transaction revenue. Onchain USDC transaction volume surged 151% year over year to $14.8 trillion, while period-end circulation rose 19% to $73.3 billion. Circle plans the public mainnet launch of Arc on September 16 to turn network activity into direct fee revenue and reduce its dependence on interest rates.
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