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

According to CryptoSlate, stablecoin issuer Circle generated $1.4 billion in revenue during the first half of 2026, yet retained just seven cents of every dollar earned as net profit. Data released by Chief Commercial Officer Kash Razzaghi shows that USDC processed over $36 trillion in on-chain transaction volume during the period.

Circle spent 93% of its H1 revenue on distribution, operations, and network investments. Distribution and transaction costs totaled $819 million, while operating expenses and network investments consumed $473 million. Consequently, Circle's net profit for the first half of the year was approximately $103 million.

Major distribution partners drove these high expenses. Coinbase held an average of $20 billion in USDC during the second quarter. Additionally, Binance signed a five-year commercial agreement and invested $100 million in Circle in September, joining over 150 other partners with economic interests in USDC growth.

Circle defended its expenditures by emphasizing the high costs of maintaining banking access, liquidity, and compliance systems across 185 countries. The company operates with backing from US government securities, cash reserves, and institutional partners including BlackRock and BNY, facing increasing competition from newer stablecoin providers offering larger earnings shares.