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Crypto DeFi

Circle Says H1 2026 USDC Revenue Hit $1.4B, 59% Paid to Partners

Circle disclosed that USDC on-chain settlement volume topped $36 trillion in the first half of 2026, with minting and redemptions exceeding $315 billion, or about $1.7 billion per day. USDC’s share of global stablecoin transaction volume rose to roughly 77% as of June from 60% a year earlier. Circle booked about $1.4 billion in H1 revenue, of which $819 million, or 59%, went to USDC distribution partners and transaction costs, while $473 million, about 34%, funded infrastructure.

Original source

AI take

The striking figure here is not the revenue but the split: distribution partners capture the majority of USDC economics, meaning Circle's growth increasingly depends on paying for shelf space rather than owning the customer relationship. That structure shapes everything from margin durability to how much Circle can reinvest against rivals. The open question is whether USDC's rising transaction share can eventually shift the revenue mix toward infrastructure and services, or whether partner payouts keep scaling alongside volume.

Generated by AI for reference only.

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