Circle Paid Partners $819 Million for the First Half of 2026

Circle, the issuer of the USDC stablecoin, paid its partners $819 million in the first half of 2026. During this period, the company's revenue amounted to $1.4 billion, with 59% of this amount directed towards partner payments and transaction expenses. Additionally, Circle spent $473 million on developing its infrastructure, including licenses, banking liquidity, and compliance. The net profit was about 7%. The volume of on-chain transactions with USDC in the first half of 2026 exceeded $36 trillion, and according to the company, stablecoins worth more than $315 billion were issued and redeemed during this time, averaging about $1.7 billion daily. In June 2026, USDC accounted for approximately 77% of the global stablecoin transaction volume, compared to 60% a year earlier.

Circle claims that the majority of the economic benefits from USDC are already distributed among partners involved in its distribution. The company's largest partner is Coinbase, which reported a record average USDC volume on its products of $20 billion, up 44% compared to the previous year. In September 2026, Binance also entered into a five-year agreement with Circle and invested $100 million in the company. The company emphasizes that the funds remaining after partner payments are primarily reinvested in infrastructure. In the first half of the year, about $473 million was spent on these needs, representing 34 cents of every dollar of revenue. Circle also noted that since 2018, it has been developing its infrastructure, including more than 55 licenses and partnerships with over 25 banks.

Additionally, Circle offers free redemption of USDC almost in real-time through its networks and products, and in the first quarter of 2026, the USDC redemption volume was $71.8 billion, equivalent to approximately 90% of the stablecoin supply at that time. Such rapid settlements require significant cash reserves, which also create additional expenses that Circle does not pass on to its customers. In conclusion, the company stated that the stablecoin is a monetary infrastructure requiring financial sustainability.