Circle Posts $103.5 Million in H1 Income From Continuing Operations

Circle generated $1.395 billion in revenue and reserve income during the first half of 2026 and recorded $103.5 million in net income from continuing operations. USD Coin (USDC) on-chain transaction volume reached $36.3 trillion over the same six months, a measure of activity distinct from the income Circle earned.

The volume total combines $21.5 trillion in the first quarter with $14.8 trillion in the second. The metric includes native USDC and officially bridged versions processed on chains where USDC has native support, but omits Solana. Circle also minted and redeemed more than $315 billion in USDC during the half, averaging about $1.7 billion per day, including weekends and holidays.

Net income from continuing operations equaled about 7.4 cents for each dollar of Circle’s revenue and reserve income. Reserve income from assets backing USDC and Euro Coin (EURC) accounted for 94.6% of that combined total. The amount depends on stablecoins in circulation and the return earned on reserve assets, so the transaction-volume figure does not represent revenue earned on transfers.

Circle’s distribution, transaction and other costs totaled $819.3 million, alongside $496.8 million in operating expenses. Operating income was $79.4 million. Other income of $29.6 million, partly offset by $5.5 million in income tax expense, brought net income from continuing operations to $103.5 million.

Circle shares some of the reserve earnings linked to USDC balances with businesses that help attract and keep those funds on their platforms. Circle Chief Commercial Officer Kash Razzaghi wrote, “The question is how much can be shared while continuing to fund the infrastructure that makes the stablecoin useful in the first place.”

The figures add detail to earlier coverage of Circle’s first-half USDC distribution and transaction costs.