Circle reported USDC circulation at approximately $72 billion as of October 22, 2026. Reserves totaled $72.2 billion, held mainly in short-term U.S. Treasuries and overnight reverse repos. The figure reflects a $500 million weekly decline from redemptions that outpaced new issuance.
Revenue Model and H1 2026 Performance
Circle generated roughly $1.4 billion in revenue and reserve income during the first half of 2026, with 95 percent coming from interest earned on reserves. The company distributed $819 million, or 59 percent, to partners and transaction counterparties. Another $473 million supported infrastructure, compliance, and product work, leaving about 7 cents of net profit per dollar of revenue.
Reserve yields averaged 3.5 percent in the second quarter. USDC handled 77 percent of global stablecoin transaction volume by June 2026, up from 60 percent the prior year. On-chain volume reached $14.8 trillion in Q2 alone, a 151 percent increase year over year, and exceeded $36 trillion for the first half.
Circle minted and redeemed more than $315 billion in the first six months, averaging $1.7 billion daily. End-of-Q2 circulation stood at $73.3 billion, up 19 percent from the same period in 2025.
Institutional Partnerships and Regulatory Steps
Circle maintains partnerships with more than 150 entities, including Coinbase as its largest distributor and a five-year agreement with Binance that included a $100 million investment. A September 28, 2026, partnership with Volante Technologies embeds USDC minting, redemption, and wallet services into platforms used by four of the top five global corporate banks and seven of the top ten U.S. banks.
Under the GENIUS Act framework and MiCA rules, USDC became Europe’s first significant e-money token. European Banking Authority supervision begins November 12, 2026. Circle plans entry into roughly 40 emerging and developing markets.
Circle will release third-quarter 2026 results on November 4. Management continues to focus on institutional integrations and yield management while competing with other stablecoin issuers.
Frequently asked questions
What was USDC circulation on October 22, 2026?
Circle reported approximately $72 billion in circulation with reserves of $72.2 billion held primarily in short-term Treasuries.
How does Circle earn revenue from USDC?
Nearly all revenue comes from interest on reserve assets, with $1.4 billion recorded in the first half of 2026 and most of that amount distributed to partners.
Which banks use Circle technology through Volante?
Four of the top five global corporate banks and seven of the top ten U.S. banks operate on platforms that now integrate USDC minting and redemption workflows.
When will Circle publish Q3 2026 results?
Circle schedules its third-quarter earnings release for November 4, 2026.
By YasTech Editorial
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