Circle spent 93% of its first-half revenue on distribution, operations, and investment while USDC processed more than $36 trillion in transactions. The issuer kept roughly seven cents of every revenue dollar as net profit, and it is defending that split against newer rivals.
Circle spent 93% of its first-half revenue on distribution, operations, and investment. The company generated about $1.4 billion in revenue in the first six months of 2026, but $819 million went to distribution partners and transaction costs. Another $473 million covered operating expenses and network investment.
Circle retained about $103 million as net profit, roughly seven cents per revenue dollar. Chief Commercial Officer Kash Razzaghi released the figures on Oct. 16 as part of Circle's response to newer stablecoin providers that promise businesses a bigger share of earnings.
Coinbase anchors the distribution bill
Circle earns most of its revenue from the assets backing USDC, which include cash and US government securities. Exchanges, wallets, and payment companies that attract users and maintain USDC balances receive a share of that income.
Coinbase remains Circle's largest and longest-standing distribution partner. Average USDC held across its products reached a record $20 billion in the second quarter, up 44% from a year earlier, according to figures Circle cited. Binance, meanwhile, signed a five-year commercial agreement in September and invested $100 million in Circle.
USDC volume rises, and so do liquidity costs
Circle said USDC processed more than $36 trillion in on-chain volume in the first half. By June, it accounted for approximately 77% of global stablecoin transaction volume, up from 60% a year earlier, according to the company.
Faster service has a price. Circle now offers eligible customers free, near-real-time redemptions, and it holds cash at banking partners to fund them, including on weekends and holidays. That money typically earns less than funds invested in Treasury securities.
Circle defends its share against rivals
Circle argues that sharing more earnings with distributors must be balanced against the cost of the infrastructure behind USDC. The company pointed to more than 55 licenses and regulatory registrations, relationships with over 25 banking partners, and native USDC deployments across more than 35 blockchains.
Competing issuers, however, are increasingly offering distributors a greater participation in reserve earnings. Circle is scheduled to report third-quarter results on Nov. 4.
Source: CryptoSlate
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