Circle official brand assets (circle.com)
Circle reports $14 trillion-plus in USDC activity as volume grows 151%
USDC is moving enormous sums, but nearly all of Circle's revenue still comes from interest on its reserves
Circle says more than $14 trillion has moved through stablecoins over the past year, a growth rate of 151%. The company’s own USDC numbers are the main driver of that figure.
The numbers behind the headline figure
Circle Internet Group, the issuer of USDC, released its second-quarter 2026 earnings in early August. The disclosure put USDC on-chain transaction volume at $14.8 trillion, up 151% year over year.
Daily on-chain volume averaged $163 billion.
Supply grew too, though more slowly. As of June 30, 2026, USDC in circulation stood at $73.3 billion, up 19% from a year earlier.
USDC is estimated to have processed around $32 trillion in adjusted transfers through August, which suggests it holds a dominant share of stablecoin transfer volume in 2026.
Where the money actually comes from
Total revenue and reserve income for the quarter came to $701.3 million, up 7% year over year. Net income was $48 million, and adjusted EBITDA reached $143 million, an 8% increase.
About 95% of revenue, roughly $667.7 million, was interest income on the reserves backing USDC. Those reserves sit mostly in US Treasuries and cash equivalents.
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Transaction revenue was only about $5.3 million.
Circle’s results noted that average circulation helped reserve income grow even though yields were lower, at roughly 3.5%.
The payments network is the one to watch
The Circle Payments Network reached an annualized volume of $14.7 billion across 175 institutions. That figure grew 76% quarter over quarter.
How Circle got here
Circle was founded in 2013 to provide infrastructure for moving dollars on-chain. USDC, its fiat-backed stablecoin, became a core tool in decentralized finance (DeFi) and in institutional payments.
Regulatory progress has helped. Circle has received approvals tied to Circle National Trust and New York Trust, which strengthens its standing with traditional financial players who need clear rules before getting involved.
What this means for USDC and the stablecoin market
With roughly 95% of revenue coming from reserve income, Circle’s earnings are closely tied to interest rates. Lower yields of about 3.5% have so far been offset by a larger float.
$14.8 trillion in quarterly volume shows real demand for on-chain dollars, but Circle earns little directly from that activity, with transaction revenue of only $5.3 million against $667.7 million in reserve income.
The Circle Payments Network, with its 76% quarterly growth and 175 participating institutions, is the clearest test of whether volume can become something other than interest.