Circle says $819M of $1.4B H1 USDC revenue went to partners

Key points

• Circle reported about $1.4B in H1 2026 revenue, per its blog post
• About $819M went to USDC partners and transaction costs; $473M was reinvested
• Circle said it kept roughly 7 cents in net profit per revenue dollar
• Third-quarter results are due Nov. 4

Circle Internet Group published a breakdown of its USDC economics on Friday, saying that of roughly $1.4 billion in revenue in the first half of 2026, about $819 million went to distribution partners and transaction costs and about $473 million was reinvested in the business. The Block reported the figures, which Circle set out in a company blog post titled “The economics of USDC and why our partners win.”

Circle said it kept about 7 cents in net profit per dollar of revenue. According to The Block, the post comes as newer stablecoin entrants argue that established issuers keep too much revenue and charge too much for redemptions.

How Circle split its USDC revenue

By Circle’s account, the roughly $819 million paid to partners and for transaction costs equals about 59 cents of every revenue dollar. The roughly $473 million in reinvestment equals about 34 cents per dollar. Circle said that spending covers licenses, banking relationships, settlement liquidity, compliance, new products and blockchain integrations.

The two categories do not add up to the full $1.4 billion, and the post does not itemize the remainder. All figures are Circle’s own and have not been independently verified.

Kash Razzaghi, the Circle executive who wrote the post, said the reinvestment “is not overhead,” according to The Block, and that it reflects more than eight years of building.

Partner payments and redemption terms

Circle said distribution partners earn a share of reserve income on the USDC balances they hold and grow, so their earnings rise with the USDC they bring in. It said Coinbase’s average USDC holdings reached a record $20 billion in the second quarter, up 44% from a year earlier. It also said Binance signed a five-year commercial agreement in September and invested $100 million in Circle, and that more than 150 other partners take part in the network.

On redemptions, Circle said standard rails are free for all customers and typically settle within two business days. Qualifying customers using its Circle Payments Network and Circle Platform can redeem for free in near real time, around the clock. Circle said it holds cash at bank partners to support fast redemptions, that this cash earns less than Treasuries, and that it does not pass the cost to customers.

The company also cited activity figures: more than $36 trillion in onchain USDC transaction volume in the first half, and about 77% of global stablecoin transaction volume in June, up from 60% a year earlier. Circle said it holds more than 55 licenses and registrations and keeps USDC reserves in a BlackRock-managed government money market fund custodied at BNY.

Expansion plans and what comes next

Separately, CoinDesk reported that CEO Jeremy Allaire told Reuters on Friday that Circle plans to expand into emerging and developing markets across Southeast Asia, Latin America, the Middle East, Asia and Africa. CoinDesk’s headline cites 40 new markets, while its body text refers to about 50.

CoinDesk said USDC holds roughly a quarter of the stablecoin market, behind Tether’s USDT at nearly 60%. It also noted Circle’s agreement in September to buy Singapore-based payments firm Tazapay for $400 million, the launch of its Arc blockchain, and its July approval for a U.S. federal trust bank.

Allaire described the industry as moving “from the early adopter phase” into a mainstream scaling phase, according to CoinDesk.

Circle is scheduled to report third-quarter results on Nov. 4, The Block said.