Circle’s USDC Revenue and Expense Breakdown for First Half of 2026
- Circle reported approximately $1.4 billion in revenue in the first half of 2026.
- Around $819 million was spent on distribution partners and transaction-related costs.
- An additional $473 million supported operational, compliance, and technology spending.
- Circle holds reserves for its USDC in cash and liquid financial instruments, generating interest income.
- Coinbase is a key commercial partner for Circle, aiding USDC’s accessibility.
Circle’s latest financial disclosures highlight the significant expenses involved in building a stablecoin payment network, with a large portion of revenue allocated to distribution and infrastructure costs. The company’s reliance on partners like Coinbase underscores the importance of distribution networks for stablecoins.
Despite generating substantial revenue, Circle retains a smaller profit margin due to high operational costs and partner payouts, with $819 million alone going to distribution expenses. (Source)
