Circle Reports $1.4B H1 Revenue as USDC Costs Reach 59%

Circle generated approximately $1.4 billion in revenue and reserve income during the first half of 2026, but 59% went toward USDC distribution partners and transaction costs. The stablecoin issuer highlighted these figures as part of its case for investing in the infrastructure behind USDC, which processed more than $36 trillion in onchain transaction volume during the period. The numbers illustrate both the scale of USDC adoption and the cost of maintaining its global payment network. In its October 16 blog post , Circle said it paid approximately $819 million to distribution partners and covered transaction costs in the first half of 2026. Another $473 million, or roughly 34% of revenue, went toward licensing, banking relationships, settlement liquidity, compliance and product development.

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