Circle reported approximately $1.4 billion in revenue for the first half of 2026, while USDC on-chain transaction volume exceeded $36 trillion. According to NS3.AI, Circle paid about $819 million, or 59% of revenue, to USDC distribution partners and for transaction costs. Another $473 million, approximately 34% of revenue, went toward licensing, banking partnerships, liquidity, compliance and other expenses; net profit accounted for approximately 7% of first-half revenue.