Circle processed $32 trillion in USDC transfers, yet 95% of its revenue relies entirely on interest rates

CASE STUDY | Why Circulation, Not Velocity, is What Currently Drives Stablecoins Revenue

The key point is that USDC velocity shows how heavily the network is being used, but circulation determines the size of the asset base Circle can earn interest on. Circle’s own filings make that distinction clear: reserve income is calculated from the amount of USDC in circulation and the reserve return rate, not from how many times those dollars move.   USDC is moving trillions. But circulation – not velocity – is what is driving Circle’s reven…

USDC Hits $32T in Transfer Volume, but Circle Still Depends on Interest Income

USDC recorded about $32 trillion in adjusted transfer volume through August 2026, according to Coin Metrics, which is far above the roughly $8 trillion recorded ...

Circle’s $32 Trillion USDC Transfer Volume Highlights Persistent Reliance On Interest Income

BitcoinWorld Circle’s $32 Trillion USDC Transfer Volume Highlights Persistent Reliance on Interest Income Circle’s dollar-backed stablecoin USDC has processed a staggering $32 trillion in transfer volume through August this year, according to data from Coin Metrics cited by CryptoSlate. While the figure underscores the token’s deep integration into the digital asset ecosystem, a closer look at the company’s financial structure reveals that its c…

Circle processed $32 trillion in USDC transfers, yet 95% of its revenue relies entirely on interest rates

Adjusted USDC transfer volume reached $32 trillion in 2026 through Coin Metrics' August measurement, with each dollar of supply turning over 741 times at an annualized rate. Those figures signal reach and settlement intensity. Circle's second-quarter revenue, however, remained dominated by yield on the assets backing USDC. For the three months ended June 30, reserve income supplied $667.7 million of Circle's $701.3 million in total revenue and r…