Circle breaks down USDC revenue: $819 million to partners and costs in first half of 2026
Circle shares USDC revenue split with partners
Circle Internet Group disclosed the economics behind its USDC stablecoin for the first half of 2026, revealing that the company earned about $1.4 billion in revenue and distributed $819 million to partners and transaction costs.
The company also said it reinvested approximately $473 million into infrastructure, compliance, and product development. Circle retained roughly 7 cents in net profit for every dollar of revenue.
The disclosure came in a blog post on October 16, addressing criticism from new stablecoin competitors who argue that established issuers like Circle keep too much revenue and charge excessive fees for redemptions.
USDC market share grows significantly
Circle reported that USDC processed more than $36 trillion in onchain transaction volume in the first half of 2026. In June alone, USDC accounted for about 77% of global stablecoin transaction volume, up from 60% a year earlier.
Stablecoin monthly transfer value has averaged nearly $10 trillion this year, according to a Standard Chartered Bank report published earlier in October.
What Circle says about its costs
Circle COO Kash Razzaghi defended the company's reinvestment spending in the blog post, writing that the costs are not overhead but essential to making USDC functional.
"It is what makes USDC useful, and it reflects more than 8 years of building," Razzaghi wrote. "A digital dollar has to work everywhere: redeemable at any hour, held by regulated institutions, and moving natively across the chains and platforms where businesses operate."
A stablecoin is a cryptocurrency designed to maintain a stable value, typically pegged to a fiat currency like the US dollar.
Analyst outlook and upcoming earnings
William Blair analysts said in an investor note last month that Circle could benefit from a broader cryptocurrency recovery. They cited regulatory developments, growing tokenized-asset activity, and diversification as factors that could support the company's stock into 2027.
Circle is scheduled to report its third-quarter financial results on November 4.
What is confirmed
Circle reported approximately $1.4 billion in revenue in the first half of 2026. $819 million went to distribution partners and transaction costs. About $473 million was reinvested in infrastructure, compliance, and product development. USDC held about 77% of global stablecoin transaction volume in June 2026. Circle will report Q3 results on November 4.
What is still unclear
The source material does not provide a breakdown of exactly how the $819 million was split between partner payments and transaction costs, nor does it detail how the $473 million in reinvestment was allocated across infrastructure, compliance, and product development.
Why this matters for the stablecoin market
The disclosure provides transparency into how a major stablecoin issuer operates financially. It addresses claims from new entrants that existing issuers retain too much revenue. USDC's growing market share suggests it remains the dominant stablecoin by transaction volume.
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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