Circle details USDC revenue split, says $819 million went to partners and costs in H1 2026

Circle Internet Group (CRCL) reported 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.

The company outlined those economics in a blog post Friday, pushing back against new stablecoin entrants that argue existing issuers retain too much revenue, charge too much for redemptions, and could be replaced by more efficient models.

"That reinvestment is not overhead," wrote Circle COO Kash Razzaghi. "It is what makes USDC useful, and it reflects more than 8 years of building. 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."

Expand Chart

Circle said it retained roughly 7 cents in net profit for every dollar of revenue. 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.

Stablecoin monthly transfer value has averaged nearly $10 trillion this year, according to Standard Chartered Bank, which published a report earlier this week.

In an investor note last month, William Blair analysts said Circle could benefit from a broader crypto recovery, with regulatory rulemaking, growing tokenized-asset activity and diversification supporting the stock into 2027.

Circle will report its third-quarter financial results on Nov. 4.