Circle · Coinbase · CryptoSlate
USDC processed $36 trillion in H1 transactions, but Circle kept just 7 cents of every revenue dollar
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Stablecoin issuer Circle spent 93% of its first-half revenue on distribution, operations, and investment as USDC processed more than $36 trillion in transactions.
Key facts
- 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
- Stablecoin issuer Circle spent 93% of its first-half revenue on distribution, operations, and investment as USDC processed more than $36 trillion in transactions
- Circle said USDC processed more than $36 trillion in on-chain transaction volume in the first half of 2026
- The company pointed to more than 55 licenses and regulatory registrations, relationships with over 25 banking partners and native USDC deployments across more than 35 blockchains
Summary
01 USDC captured a reported 77% of stablecoin transaction volume in June, yet Circle retained seven cents in profit per revenue dollar. 02 Coinbase held an average $20 billion in USDC, underscoring the growing influence of major distributors over stablecoin adoption and earnings. 03 Circle now faces a critical test: Can it maintain USDC's market position while competitors offer partners more generous revenue-sharing deals? 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 and network investment.