Circle Spent 59% of First-Half Revenue on USDC Partners and Transaction Costs

Circle generated about $1.4 billion in revenue in the first half of 2026, directing $819 million, or 59%, to USDC distribution partners and transaction costs.

Another $473 million, about 34% of revenue, went to licensing, banking relationships, settlement liquidity, compliance, blockchain integrations and product development. Net profit amounted to about 7% of revenue.

The two largest disclosed allocations covered partner distributions and the infrastructure supporting USDC. Distribution and transaction costs took a larger share of revenue than the listed investments in operations and product development.

USDC settled more than $36 trillion in onchain transaction volume during the six-month period. Circle also minted and redeemed more than $315 billion in USDC, an average of about $1.7 billion per day.

By June, USDC accounted for about 77% of global stablecoin transaction volume, compared with 60% a year earlier. The settlement figure measures transaction volume, while the minting and redemption total reflects USDC created and redeemed during the period.

More than 150 partners have an economic interest in USDC's growth. Partners that increase USDC balances on their platforms can receive a share of reserve income, tying their earnings to the stablecoin's distribution.

Circle customers can redeem USDC for free through standard channels, with settlement in up to two business days. Customers using Circle Payments Network for payment flows and eligible Circle Platform customers can access free, near-real-time redemptions around the clock.