USDC processed over $36 trillion in transactions in the first half of 2026, capturing approximately 77% of global stablecoin transaction volume in June, up from 60% a year earlier. Circle generated roughly $1.4 billion in revenue during the same period, with $819 million allocated to distribution partners and transaction costs, and another $473 million covering operating expenses and network investment. The company retained just seven cents per dollar earned as net profit, approximately $103 million. Coinbase, its largest distribution partner, held an average $20 billion in USDC across its products in the second quarter, a 44% increase year-over-year. Circle faces mounting pressure from competitors offering payment platforms and other distributors greater participation in reserve earnings.
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