TREE NEWS reports: Circle generated roughly $1.4 billion in USDC revenue in the first half of 2026, with 59% of that going to partner distributions and transaction costs. Lighter said it will soon launch options products, without giving a date. Former Mt. Gox CEO Mark Karpeles said Ledger received warnings about hardware wallet tampering as early as December 2025 and did not adequately alert users.
Circle Earned About $1.4B in USDC Revenue in H1 2026, 59% Went to Partners and Transaction Costs
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AI take
The striking figure is not the headline revenue but the 59% pass-through: Circle's economics depend on how much of USDC's float it can retain after paying distribution partners, a structural margin question rather than a demand one. That split shapes how the stablecoin issuer model is valued relative to the transaction volume it enables. The Karpeles claim about Ledger, if it gains traction, points to a separate and slower-moving risk for hardware wallet providers: disclosure timing. Whether partner costs stay at this share is the open question.
Generated by AI for reference only.
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