TREE NEWS reports: Circle paid $819 million to USDC distribution partners and transaction costs in the first half of 2026, out of about $1.4 billion in revenue, Chief Business Officer Kash Razzaghi said, leaving roughly 7 cents of net profit per dollar earned. USDC settled over $36 trillion in on-chain transactions in the period and carried about 77% of global stablecoin transaction volume in June, up from 60% a year earlier. Circle spent about $473 million on licences, banking relationships, liquidity and infrastructure.
Circle says only 7 cents of each revenue dollar remain as net profit
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AI take
Circle's economics now hinge less on whether USDC grows than on how much of that growth it must share with distribution partners. Dominant settlement volume and rising transaction share have not translated into margin, because the cost of maintaining licences, banking access and liquidity is structural rather than discretionary. The open question is whether scale eventually bends the revenue-share curve, or whether distribution costs stay fixed enough to keep profitability thin even as USDC's network position strengthens.
Generated by AI for reference only.
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