Circle reports $1.4 billion in first-half revenue

Circle reported $1.4 billion in revenue for the first half of 2026, while saying it spent $819 million on USDC distribution and transaction costs and retained about $103 million in net profit. The figures were released Friday by Chief Commercial Officer Kash Razzaghi. Circle also said USDC handled more than $36 trillion in on-chain transactions during the six-month period. The reported costs amounted to about 59% of revenue, while the company’s stated profit was roughly 7% of the total. Another $473 million went to operating expenses and network investment, according to the figures. The disclosures highlight the expense of attracting distributors and maintaining the systems needed to support USDC transactions and redemptions. Circle says revenue is generated mainly from assets backing USDC, including cash and U.S. government securities. Exchanges, wallets and payment companies that bring in users and hold balances receive a share of the income. Those partnerships can help broaden the stablecoin’s reach, but they also reduce the portion of revenue Circle retains. The company’s figures put USDC at about 77% of global stablecoin transaction volume in June, up from 60% a year...