Circle reported approximately $1.4 billion of revenue in the first half of 2026, and around $819 million went to partners and transaction-related costs. The figures show how much of USDC's income supports distribution and infrastructure, and competition from new issuers adds pressure.
Circle paid around $819 million to partners and transaction-related costs from approximately $1.4 billion of revenue in the first half of 2026. The stablecoin issuer said another $473 million supported operational, compliance and technology spending.
That leaves a much smaller proportion of revenue as retained profit than the size of USDC might suggest, according to NewsBTC.
How USDC earns and spends
Circle holds the reserves backing USDC in cash and highly liquid financial instruments. Those assets can produce interest income, which gives the issuer an important revenue stream.
But USDC's usefulness depends on its presence across exchanges, wallets, payment services and other financial applications. Those distribution arrangements can be expensive, and Coinbase is among Circle's most important commercial partners.
Competition and rates raise the stakes
New stablecoin issuers and conventional financial institutions are entering the market. They will compete on the reliability of their reserves, and also on distribution, redemption and cost.
Circle's revenue also depends partly on interest rates. Lower yields on reserves could compress income even if USDC's circulation remains relatively strong.
Issuing the digital dollar may be only the first step, since the partners that enable people to use it can command a considerable share of the economic value.
Source: NewsBTC
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