#Circle上半年营收约14亿美元 Circle reported revenue of approximately $1.4 billion in the first half of the year: Is the stablecoin business really profitable?
Circle recently disclosed revenue of approximately $1.4 billion for the first half of 2026—a substantial figure in itself.
But when you look at USDC’s on-chain data alongside it, you’ll find that the stablecoin industry’s path to profitability is far more complicated than its headline transaction volumes suggest.
In the first half of the year, USDC’s on-chain settlement volume reached approximately $36 trillion, while total minting and redemptions exceeded $315 billion.
This shows that USDC’s usage frequency, circulation, and on-chain activity are all growing, further strengthening stablecoins’ role as blockchain infrastructure.
But the cost structure is what really deserves attention.
In the first half of the year, Circle spent approximately $819 million on distribution partner revenue shares and transaction-related costs, accounting for about 59% of total revenue.
In other words, although revenue was close to $1.4 billion, nearly 60% went toward channel partnerships, maintaining liquidity, and transaction costs.
This also explains why stablecoin projects often have “high transaction volumes” without necessarily seeing a corresponding improvement in profits.
Competition in the stablecoin sector is no longer just about issuance volume; it’s also about distribution channels, liquidity, and cost control.
For Circle, continued growth in USDC’s on-chain footprint is a positive sign, but whether it can turn high transaction volumes into healthier profits remains to be seen.
What do you think?
With $1.4 billion in revenue and channel costs approaching 60%, does this show that the stablecoin business is “scale first” or a “cost trap”?
#Circle #USDC
Circle recently disclosed revenue of approximately $1.4 billion for the first half of 2026—a substantial figure in itself.
But when you look at USDC’s on-chain data alongside it, you’ll find that the stablecoin industry’s path to profitability is far more complicated than its headline transaction volumes suggest.
In the first half of the year, USDC’s on-chain settlement volume reached approximately $36 trillion, while total minting and redemptions exceeded $315 billion.
This shows that USDC’s usage frequency, circulation, and on-chain activity are all growing, further strengthening stablecoins’ role as blockchain infrastructure.
But the cost structure is what really deserves attention.
In the first half of the year, Circle spent approximately $819 million on distribution partner revenue shares and transaction-related costs, accounting for about 59% of total revenue.
In other words, although revenue was close to $1.4 billion, nearly 60% went toward channel partnerships, maintaining liquidity, and transaction costs.
This also explains why stablecoin projects often have “high transaction volumes” without necessarily seeing a corresponding improvement in profits.
Competition in the stablecoin sector is no longer just about issuance volume; it’s also about distribution channels, liquidity, and cost control.
For Circle, continued growth in USDC’s on-chain footprint is a positive sign, but whether it can turn high transaction volumes into healthier profits remains to be seen.
What do you think?
With $1.4 billion in revenue and channel costs approaching 60%, does this show that the stablecoin business is “scale first” or a “cost trap”?
#Circle #USDC