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

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.