TREE NEWS update: Circle disclosed that about $1.4 billion in USDC revenue was generated in the first half of 2026, with $819 million paid out to partners and transaction costs and $473 million reinvested. The breakdown details how the stablecoin issuer splits the economics of its dollar-backed token.
Circle: $819M of H1 2026 USDC revenue went to partners and costs
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AI take
The split matters more than the headline figure: roughly three-fifths of USDC revenue flowing to distribution partners and transaction costs shows how much of a stablecoin issuer's top line is really a pass-through to the channels that put the token in circulation. That leaves Circle's own economics dependent on the residual, which is the number worth tracking as distribution arrangements evolve. Whether the payout ratio holds or compresses as USDC scales is the open question for anyone watching stablecoin business models.
Generated by AI for reference only.
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