Circle kept about 7 cents of every dollar of USDC revenue in the first half of 2026. The figure comes from a blog post the company published on 16 October, which put revenue at about $1.4 billion.
Of that, $819 million went to distribution partners and transaction costs, and roughly $473 million to infrastructure, compliance and product development.
Chief operating officer Kash Razzaghi wrote that the reinvestment is not overhead, and that it is what makes USDC useful after more than eight years of building. The post reads as a reply to new stablecoin entrants who argue that incumbents keep too much and could be replaced by leaner models. It does not name them.
Circle also said USDC has processed more than $36 trillion in onchain volume, and held about 77 percent of global stablecoin transaction volume in June, up from 60 percent a year earlier. It did not say how either was measured.
The split does not quite add up on the page. The $819 million and $473 million total about $1.29 billion, which leaves roughly $110 million of the revenue unexplained, and the 7 cents is not defined.
Partners are the largest line, and the post gives no breakdown of who is paid what.
Circle shares were down about 5 percent when The Block’s page was captured, though the report does not tie the move to the post.
Circle reports third-quarter results on 4 November, the first chance to check the split against a full set of accounts.
