Circle Says 59 Cents of Every USDC Revenue Dollar Goes to Partners and Transaction Costs

By Isaac • October 17, 2026 11:08 pm •

Circle has answered a growing challenge to the USDC business model with numbers that are unusually direct for the stablecoin industry.

In a new breakdown, the company said it generated about $1.4 billion in revenue during the first half of 2026 and paid roughly $819 million to USDC distribution partners and transaction costs. Put another way, Circle says about 59 cents of every revenue dollar went to the companies helping put USDC in wallets, exchanges, banks, fintech products and payment networks.

That matters because the fight over stablecoins is no longer just about whose token holds its dollar peg. It is increasingly about who gets the income generated by the reserves behind those tokens—and how much