Circle paid $819 million to USDC partners and costs in first half of 2026
Circle generated approximately $1.4 billion in revenue during the first half of 2026, directing 59% toward USDC distribution partners and transaction costs while retaining about 7% as net profit.
Circle generated approximately $1.4 billion in revenue in the first half of 2026, paying about $819 million—or 59 cents of every revenue dollar—to USDC distribution partners and transaction costs. Circle Chief Commercial Officer Kash Razzaghi disclosed the financial breakdown in an Oct. 16 blog post, framing the numbers as a response to newer stablecoin entrants that criticize existing issuers for keeping too much revenue and charging for redemptions.[9][5][2]
Another $473 million, representing roughly 34% of revenue, funded operations and infrastructure, including licensing, banking relationships, settlement liquidity, compliance, and product development. Circle retained roughly 7% in net profit, or 7 cents per revenue dollar, amounting to $103 million for the first half, according to CryptoSlate. Quartz presented an alternative interpretation, reporting that Circle's IPO filing showed the firm keeping $819 million of interest income.[9][8][1][4]
USDC processed more than $36 trillion in on-chain transaction volume during the six-month period, capturing approximately 77% of global stablecoin transaction volume in June compared to 60% a year prior. Circle also minted and redeemed more than $315 billion in USDC, averaging about $1.7 billion per day. Razzaghi cited major contributors to USDC adoption, including Coinbase holding an average of $20 billion in USDC in the second quarter and Binance entering a five-year commercial deal alongside a $100 million equity purchase in Circle.[5][9][6]
Key facts
- Circle generated approximately $1.4 billion in revenue in the first half of 2026.
- Circle allocated $819 million, or 59% of revenue, to USDC distribution partners and transaction costs.
- Circle spent about $473 million, or 34% of revenue, on licensing, bank relationships, liquidity, compliance, and product development.
- Circle retained about 7% of revenue as net profit, reporting $103 million in first-half profit according to CryptoSlate.
- USDC settled more than $36 trillion in on-chain transaction volume during H1 2026.
- USDC accounted for roughly 77% of global stablecoin transaction volume in June 2026, up from 60% the previous year.
- Circle minted and redeemed more than $315 billion in USDC in H1 2026, averaging about $1.7 billion daily.
Sources · 9 sources
- QU
Quartz@qzPost on X ·
Circle reveals USDC revenue split in IPO filing, keeping $819 million of interest income: Circle's IPO documents have lifted the lid on how the stablecoin issuer actually makes money — and how much of it flows to distribution partners. The company disclosed that… dlvr.it/TVxcYl https://t.co/uN44qiiXbD
Open source - TB
The BlockArticle ·
Circle details USDC revenue split, says $819 million went to partners and costs in H1 2026 Circle breaks down its USDC revenue: about $1.4 billion in H1 2026, $819 million to partners and transaction costs, $473 million reinvested.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🔥 UPDATE: Circle says it paid about $819M to USDC distribution partners and transaction costs in H1 2026. https://t.co/Qc9K8QAeeO
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Circle $CRCL generated approximately $1.4 billion in revenue in the first half of 2026, paying $819 million to USDC distribution partners and transaction costs while reinvesting about $473 million in infrastructure, compliance and product development. Circle said it retained roughly 7 cents in net profit for every dollar of revenue, while $USDC processed more than $36 trillion in onchain transaction volume and accounted for about 77% of global stablecoin transaction volume in June, up from 60% a year earlier.
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Circle Reports $1.4 Billion in H1 2026 Revenue, With 59% Going to USDC Partners and Transaction Costs Circle disclosed that it generated approximately $1.4 billion in revenue in the first half of 2026, of which $819 million (59%) went to USDC distribution partners and transaction costs. Another $473 million (34%) was spent on licensing, banking relationships, settlement liquidity, compliance, and product development, leaving approximately 7% as net profit. Circle also stated that customers using the Circle Payments Network (CPN) and eligible Circle Platform customers can now access free, near-real-time USDC redemptions around the clock. USDC recorded more than $36 trillion in on-chain transaction volume in H1 2026, accounting for approximately 77% of global stablecoin transaction volume in June, according to Circle.
Open source - CO
CoinDesk@CoinDeskPost on X ·
LATEST: Circle says USDC processed more than $36 trillion in onchain volume during the first half of 2026, while 59% of its revenue went to distribution partners and transaction costs. https://t.co/n597rMQnOt
Open source - SI
Solid Intel 📡@solidintel_xPost on X ·
INTEL: Circle generated $1.4 billion in revenue during H1 2026 and only 7% became net profit after 59% went to $USDC partners and transaction costs https://t.co/CSLQe8c3dr
Open source - CR
CryptoSlate@CryptoSlatePost on X ·
Circle paid $819M in H1 distribution and transaction costs on about $1.4B in revenue. It reported $103M in profit. Its largest distribution partner, Coinbase, held an average $20B in USDC in Q2, per Circle. via @hardeyjumoh https://t.co/c8tIUCdU1g
Open source - UN
UnchainedArticle ·
Circle Says 59 Cents of Each Revenue Dollar Went to USDC Partners and Transaction Costs Circle said it paid about $819 million of its roughly $1.4 billion in first-half 2026 revenue to USDC distribution partners and transaction costs, or about 59 cents of each revenue dollar. Kash Razzaghi , Circle’s chief commercial officer, disclosed the split in an Oct. 16 blog post. The post does not say how much of the $819 million went to partners and how much went to transaction costs. Another roughly $473 million , about 34 cents of each dollar, went back into the business, Razzaghi wrote, covering licenses, bank relationships, settlement liquidity, compliance, new products and blockchain integrations. Circle kept “7 cents of net profit from every dollar of revenue earned,” he wrote. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . A Reply to ‘New Entrants’ Razzaghi presented the figures as a response to “new entrants” that argue issuers hold on to too much of a stablecoin’s income and charge too much for redemptions. “Circle shares the majority of USDC’s economics with the partners that drive its adoption,” he wrote. He described pitches to hand partners a “substantial majority” of issuer income as offering “a stablecoin that distributes everything but funds nothing.” “Without that foundation, a stablecoin is not a digital dollar; it is a token,” Razzaghi wrote in the post, referring to Circle’s spending on licensing, banking and liquidity. Circle’s post does not name Open USD or any other competitor. In June, Unchained reported that more than 140 companies, including Coinbase, Visa and Stripe, had backed Open USD, a stablecoin from Open Standard that would give its partners all of its reserve earnings minus a small management fee. How Partners Earn Under the arrangement Razzaghi described, a partner’s share of reserve income rises with the USDC balances it attracts and holds. Razzaghi singled out Coinbase , pointing to its second-quarter results, which showed a record $20 billion in average USDC held in its products, up 44% year over year. He also cited Binance , which agreed to a five-year commercial deal with Circle in September and bought $100 million of its stock. More than 150 other partners have an economic stake in USDC’s growth, the post said. On redemptions, Razzaghi said every Circle customer can redeem USDC for free over standard bank rails, which settle in up to two business days. Free, near-instant redemption is available to Circle Payments Network users and to customers who qualify through Arc, Circle Mint or Circle Wallets. He said Circle pays for that by keeping cash at partner banks, where it earns less than Treasuries would. “We carry that cost so customers don’t have to wait,” he wrote. Circle said USDC handled more than $36 trillion in onchain volume in the first half, and that it minted and redeemed more than $315 billion of the token over the same period. By Circle’s count, USDC handled roughly 77% of stablecoin transaction volume across the world in June, compared with 60% a year earlier. Related Listen: Why Agents Will Ditch Stablecoins That Don’t Pay Yield: Bits + Bips The post Circle Says 59 Cents of Each Revenue Dollar Went to USDC Partners and Transaction Costs appeared first on Unchained .
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