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

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…