Circle said USDC settled more than $36 trillion in H1 2026 and that partners received most of its revenue as it expanded redemption and network infrastructure.

Circle said USDC settled more than $36 trillion in onchain transaction volume in the first half of 2026, underscoring the scale of the stablecoin’s use as the company defended its economic model against new entrants promising cheaper alternatives. In the same period, Circle said it minted and redeemed more than $315 billion of USDC and paid $819 million to distribution partners and transaction costs.

In a blog post published Oct. 16, 2026, Circle said it generated about $1.4 billion in revenue in the first half and paid roughly 59 cents of every dollar to partners that distribute USDC across wallets, exchanges, banks, fintechs, enterprises and payment networks. Circle said it reinvested about $473 million, or roughly 34 cents of every revenue dollar, into licenses, banking relationships, settlement liquidity, compliance, product development and blockchain integrations, leaving 7 cents of net profit per dollar of revenue.

The company said USDC carried roughly 77% of global stablecoin transaction volume by June, up from 60% a year earlier. Circle framed that share as evidence that the stablecoin’s adoption model rewards partners that drive balances and payment flows rather than concentrating economics at the issuer.

Circle said all customers can redeem USDC for free through standard banking rails, with settlement in up to two business days. It added that customers who move flows over the Circle Payments Network or build on the Circle Platform can now qualify for free, near-real-time redemption.

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