A direct memory access (DMA) circuit (200) includes a read port (202) and a write port (204). The DMA circuit (200) is a multithreaded initiator with "m" threads on the read port (202) and "n" threads on the write port (204). The DMA circuit (200) includes a data FIFO (210) which is shared by all of the logical channels and the FIFO depth can be allocated dynamically allowing for the maximum number of channels to be scheduled and concurrently active. The FIFO (210) can also be allocated to a single channel if there is only one logical channel active. The FIFO (210) increases the DMA's transfer performance, pre-fetch capacity and buffering, while maximizing pipelining.