Circle, the issuer of the USDC stablecoin, reported a net profit of 7 cents for every dollar of revenue during the first half of 2026. The company disclosed this financial breakdown in a blog post by Chief Commercial Officer Kash Razzaghi on October 16, 2026.
Total revenue and reserve income for the period reached approximately $1.4 billion. Of this amount, $819 million, or 59 cents per dollar, was allocated to transaction costs and distribution partners. Another $473 million, representing 34 cents per dollar, was reinvested into operations, including compliance, licensing, and product development.
The company maintains a regulatory network consisting of over 55 licenses and partnerships with more than 25 banks. Currently, Circle works with over 150 partners, with Coinbase receiving the largest share of revenue distribution.
In the first half of 2026, USDC processed over $36 trillion in on-chain transaction volume. By June 2026, the stablecoin accounted for 77% of the global transaction volume, an increase from 60% in the previous year.
Circle is positioning its model against new competitors like Open USD, which launched in June 2026 and offers free minting and redemption. The company argues that its focus on infrastructure and compliance provides long-term sustainability compared to rivals offering higher partner payouts.
