Circle said on Oct. 16 that about $819 million of its roughly $1.4 billion in revenue in the first half of 2026 was paid out to USDC distribution partners and transaction costs, adding that more than 150 partners participate in USDC economics.
The statement was published through Circle’s official X account and linked to a blog post by Circle Chief Business Officer Kash Razzaghi titled The Economics of USDC and Why Our Partners Win. In that post, Circle pushed back against claims from newer entrants that they can build a more “useful” stablecoin, and against the argument that issuers keep too much of the economics while making redemptions expensive. Circle said that view misunderstands how USDC works.
The company did not name any rival. Still, the post came about two weeks after Stripe-owned Bridge launched Open Standard OUSD, a product marketed with a revenue-sharing model.
59 cents of every revenue dollar
According to Circle, the $819 million figure represents about 59 cents of every $1 in revenue during the first half of 2026. The company grouped together distribution expenses and transaction costs in that number, and did not break out how much belonged to each category.
Circle said about $473 million, or roughly 34 cents of every revenue dollar, went into licenses, banking relationships, settlement liquidity, compliance, and blockchain integrations. It said net profit came to about 7 cents on the dollar.
The company also disclosed several operating metrics for the period. Circle said USDC recorded more than $36 trillion in on-chain settlement volume in the first half, more than $315 billion in minting and redemption volume, and about 77% of global stablecoin trading volume in June 2026. Those figures were disclosed by Circle itself, and the company did not provide a detailed explanation of its methodology.
More than 150 partners, but economics remain concentrated
Circle said partners can participate in USDC economics through two main channels. Platforms that hold USDC and help grow balances can receive a proportional share of reserve income. Partners building through Circle Payments Network, or through Circle’s platform, can get free near-instant redemptions.
Coinbase remains the largest beneficiary. According to Coinbase’s second-quarter shareholder materials, the average amount of USDC held in Coinbase products during Q2 reached a record $20 billion, accounting for more than 30% of circulating supply at quarter-end. Over the past year, Coinbase received about half of USDC economic revenue. That means the economics described as being shared across 150 partners are still heavily concentrated in one counterparty.
Circle’s filing with the U.S. Securities and Exchange Commission also showed that Binance subscribed for 1.24 million Class A shares in September at $80.84 per share and signed a five-year commercial agreement with Circle. Under that agreement, Circle will pay Binance monthly incentive fees based on USDC holdings.
Redemption debate centers on speed, not headline fees
On redemption costs, Circle said all customers can redeem USDC for free through standard banking channels, with funds arriving in up to two business days. It added that payment flows routed through Circle Payments Network, as well as eligible Circle platform customers such as users of Arc, Circle Mint, and Circle Wallets, can access free, 24/7, near-instant settlement.
Circle said it redeemed $71.8 billion worth of USDC in the first quarter, equal to about 90% of supply at the time. By comparison, OUSD is being marketed with free 1:1 minting and burning across all integration paths, along with partner revenue sharing tied to supply growth and transaction activity.
USDC circulation data
According to CoinGecko, as of 9:08 p.m. Taipei time on Oct. 16, USDC circulation stood at about 72.54 billion tokens, with a market capitalization of about $72.53 billion.
Circle’s post offered a direct response to criticism that issuers keep too much reserve income. By its own numbers, nearly 60% of revenue flowed to partners and transaction costs. At the same time, Coinbase’s disclosures suggest that about half of USDC economic revenue remains concentrated there. With OUSD now entering the market on a revenue-sharing pitch and Binance locked into a five-year agreement with Circle, the way USDC economics are distributed is drawing closer scrutiny.