Stablecoin issuer Circle generated approximately $1.4 billion in revenue during the first half of 2026, directing 59 percent of that total to USDC distribution partners and transaction costs, according to figures published on the's official blog. The figures lay out the cost structure behind running a dollar-pegged stablecoin at global scale, where distributing the token and keeping it usable across financial channels takes the largest share of spending.

Of that revenue, $819 million went to distribution partners and transaction costs, while another $473 million funded licensing, banking relationships, settlement liquidity, compliance programs, blockchain integrations, and product development. Operating infrastructure, licensing, compliance, and product development accounted for 34 percent of overall spending, leaving roughly 7 percent as net profit. Circle said these investments underpin USDC's availability across wallets, exchanges, banks, fintech companies, enterprises, and payment networks. Stablecoin issuers generally earn the bulk of their revenue from interest on the reserve assets backing their tokens, a model in which distribution costs and compliance spending typically rank among the largest line items.

USDC processed more than $36 trillion in onchain transaction volume during the period. Circle minted and redeemed over $315 billion of the stablecoin across the six months, averaging approximately $1.7 billion daily. By June, USDC accounted for roughly 77 percent of global stablecoin transaction volume, up from 60 percent a year earlier. Circle attributed the activity to its partner network and the infrastructure supporting payments and settlement.

Free Redemptions Expand Across Eligible Customers

Customers using the Circle Payments Network and eligible Circle Platform customers can now redeem USDC free of charge, with near-real-time settlement available 24 hours a day, year-round. Previously, standard banking redemptions were free but could take up to two business days to complete. Circle said near-real-time settlement requires cash held across banking partners, allowing funds to move once redemptions receive onchain confirmation. Redemption — the conversion of USDC back into dollars — is the step that lets holders move out of a token balance, and because settlement here is triggered by onchain confirmation rather than banking hours, redemptions can complete around the clock.

The company reported redeeming $71.8 billion in USDC during the first quarter of 2026. Combined minting and redemption volume reached $170 billion in the second quarter, a 105 percent increase year over year.

Global Reach and Regulatory Infrastructure

Circle said it holds more than 55 licenses and registrations, maintains relationships with over 25 partner banks, and supports native USDC deployments across more than 35 blockchains. Its reserves include holdings in a government money market fund managed by BlackRock and custody services provided by BNY, alongside monthly attestations that provide a recurring public check on the reserves behind the token. The company also operates compliance and sanctions programs spanning 185 countries.

Coinbase, Circle's largest and longest-standing partner, reported average USDC balances of $20 billion across its products during the second quarter, up 44 percent year over year. In September, Binance signed a five-year commercial agreement with Circle and invested $100 million in the company. Circle said more than 150 additional partners also hold economic interests in USDC's growth — a distribution footprint consistent with the 59 percent of first-half revenue Circle directed to partners and transaction costs. Future figures on minting, redemption, and reserves will arrive through the company's regular disclosures, including its monthly attestations.