Circle details USDC revenue split as partner payouts and costs reach $819 million

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Circle USDC revenue split details

Highlights

Circle paid $819 million to USDC distribution partners and transaction costs and reinvested $473 million in infrastructure, compliance, and product development in H1 2026.
USDC accounted for 77% of global stablecoin transaction volume in June, up from 60% a year earlier, processing over $36 trillion onchain.
Analysts at William Blair cite regulatory rulemaking and tokenized-asset growth as drivers for Circle's outlook heading into its Nov. 4 Q3 report.

Breakdown of USDC revenue and reinvestment

As reported by The Block, citing Circle, in a blog post published Friday, the company paid about $819 million in the first half of 2026 to USDC distribution partners and transaction costs, while reinvesting roughly $473 million in infrastructure, compliance and product development.

Circle said it retained about 7 cents in net profit for every dollar of revenue. The disclosure is part of the company's response to criticism from new stablecoin entrants that established issuers keep too much revenue, charge too much for redemptions and could be displaced by more efficient models.

Chief operating officer Kash Razzaghi wrote that the reinvestment should not be viewed as overhead, arguing it supports USDC's around-the-clock redeemability, use by regulated institutions and interoperability across blockchains and platforms where businesses operate.

Market share gains and broader crypto backdrop

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. The figures indicate Circle is expanding its share in a market that remains central to digital-asset payments and settlement activity.

Stablecoin monthly transfer value has averaged nearly $10 trillion this year, according to Standard Chartered Bank in a report published earlier this week. In an investor note last month, William Blair analysts said Circle could benefit from a broader crypto recovery, with regulatory rulemaking, rising tokenized-asset activity and diversification supporting the stock into 2027.

Circle is scheduled to report third-quarter financial results on Nov. 4.

Our earlier coverage of the Centre’s disinvestment programme broke down how proceeds have been raised from FY 2016 to FY 2027, showing that the bulk came via market-based routes such as ETFs, public issues and buybacks, while strategic sales contributed a much smaller share. The piece also highlighted how the planned IDBI Bank stake sale could materially lift annual collections and improve the government’s track record against disinvestment targets.

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