TREE NEWS update: Circle said 59 cents of every dollar of first-half 2026 revenue went to USDC distribution partners and transaction costs, with 34 cents spent on licenses, banking and other infrastructure, leaving 7 cents of net profit per revenue dollar. The stablecoin issuer disclosed the breakdown in a post responding to unnamed new stablecoin issuers.
Circle: 59 Cents of Each Revenue Dollar Went to USDC Partners, Transaction Costs
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AI take
Circle's own disclosure reframes the stablecoin business as a distribution-cost story rather than a margin story: most of each revenue dollar leaves the company before infrastructure is even paid for. That matters for every issuer pitching low-fee stablecoins, because partner incentives, not technology, appear to set the economics. The open question is whether that split is a durable feature of the model or a function of competition for distribution.
Generated by AI for reference only.
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