Circle defends USDC model, reveals just 7 cents profit per dollar

The stablecoin giant breaks down where every revenue dollar goes as competition from fee-free rivals heats up. Running a compliant stablecoin turns out to be an expensive business. Circle, the issuer of USDC , disclosed that for the first half of 2026 it retained just 7 cents of net profit for every dollar in revenue, a figure the company is presenting not as an apology but as a feature. The disclosure came via a blog post from Chief Commercial Officer Kash Razzaghi, published October 16, 2026, and it reads as a direct counter-punch to a new wave of stablecoin competitors promising to hand partners a much bigger slice of the economics. Circle reported approximately $1.4 billion in revenue and reserve income for H1 2026.

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