According to CoinMeta, data as of August for Coin Metrics shows that in 2026, the adjusted transaction volume reached 32 trillion US dollars, with an annual turnover rate of as high as 741 times. However, this massive transaction volume is mainly driven by the underlying mechanism of DEFI and does not directly convert into transaction fee revenue for the issuers. Circle's financial reports indicate that total revenue and reserve earnings for the second quarter were 701.3 million US dollars, of which interest income from reserve assets amounted to 667.7 million US dollars (accounting for 95.2%), while transaction fee revenue was only 5.3 million US dollars. Currently, the circulation volume of USDC has grown to 73.3 billion US dollars. In order to reduce reliance on macroeconomic interest rate cuts, Circle plans to launch the mainnet of blockchain infrastructure ARC on September 16th, with the aim of transforming online network activities into direct and continuous transaction fee revenue.