#circle上半年营收约14亿美元
【Retail Investor Watch】$1.4 billion in revenue in six months—what is Circle really trying to make money from?
Circle’s figures for the first half of 2026 are worth a closer look.
The company brought in about $1.4 billion in revenue and reserve income, while USDC’s on-chain transaction volume exceeded $36 trillion in the first half of the year. Looking at these two figures alone, it’s easy to think stablecoin issuers are making money hand over fist. But the business isn’t that simple.
USDC requires reserve assets, as well as banks, trading platforms, and payment partners to help distribute it. Circle has to pay these partners and cover expenses such as compliance, liquidity, and product development.
In other words, a larger USDC footprint doesn’t mean Circle can put more of its revenue straight into its pocket.
Still, $36 trillion in on-chain transaction volume sends an important signal: USDC is becoming a key dollar circulation tool in crypto markets and on-chain finance. The value of a stablecoin isn’t just about how much users hold—it’s also about how often it’s used for trading, settlement, and fund transfers.
Of course, transaction volume doesn’t equal new money flowing in, nor does it mean that all that money remains in USDC.
In my view, the real takeaway from this news is that the stablecoin industry is shifting from “issuing dollar tokens” to competing for payment channels, users, and settlement use cases. In the future, whoever makes stablecoins easier to use for real-world payments may gain a more durable competitive advantage.
$1.4 billion is revenue; $36 trillion is usage. Putting these two figures together gives us a clearer picture of how Circle’s business works.
【Retail Investor Watch】$1.4 billion in revenue in six months—what is Circle really trying to make money from?
Circle’s figures for the first half of 2026 are worth a closer look.
The company brought in about $1.4 billion in revenue and reserve income, while USDC’s on-chain transaction volume exceeded $36 trillion in the first half of the year. Looking at these two figures alone, it’s easy to think stablecoin issuers are making money hand over fist. But the business isn’t that simple.
USDC requires reserve assets, as well as banks, trading platforms, and payment partners to help distribute it. Circle has to pay these partners and cover expenses such as compliance, liquidity, and product development.
In other words, a larger USDC footprint doesn’t mean Circle can put more of its revenue straight into its pocket.
Still, $36 trillion in on-chain transaction volume sends an important signal: USDC is becoming a key dollar circulation tool in crypto markets and on-chain finance. The value of a stablecoin isn’t just about how much users hold—it’s also about how often it’s used for trading, settlement, and fund transfers.
Of course, transaction volume doesn’t equal new money flowing in, nor does it mean that all that money remains in USDC.
In my view, the real takeaway from this news is that the stablecoin industry is shifting from “issuing dollar tokens” to competing for payment channels, users, and settlement use cases. In the future, whoever makes stablecoins easier to use for real-world payments may gain a more durable competitive advantage.
$1.4 billion is revenue; $36 trillion is usage. Putting these two figures together gives us a clearer picture of how Circle’s business works.