Circle said USDC onchain transaction volume reached $14.8 trillion during the second quarter, an increase of 151% from a year earlier. Total revenue and reserve income increased only 7% to $701.3 million. A 25% increase in average USDC circulation was partly offset by a 66-basis-point decline in Circle's reserve return rate to 3.5%. Circle's disclosed transaction revenue comes from services including stablecoin redemptions, blockchain rewards and use of its own infrastructure. Circle reports several different measurements for its stablecoin business:$14.8 trillion : USDC onchain transaction volume, up 151%.