THE BLOCK: Circle CRCL generated approximately $1.4 billion in revenue in the first half of 2026, paying $819 million to USDC distribution partners and transaction costs while reinvesting about $473 million in infrastructure, compliance and product development. Circle said it retained roughly 7 cents in net profit for every dollar of revenue, while USDC processed more than $36 trillion in onchain transaction volume and accounted for about 77% of global stablecoin transaction volume in June, up from 60% a year earlier.