Circle paid $819 million to USDC partners in the first half of 2026

Circle paid $819 million to USDC distribution partners and transaction costs during the first half of 2026, accounting for approximately 59% of its $1.4 billion in revenue.

The figures, disclosed in an October 16 statement, highlight how much of Circle’s revenue goes toward supporting USDC adoption across exchanges, wallets, banks and payment networks.

During the same period, USDC processed more than $36 trillion in onchain transaction volume, while Circle minted and redeemed over $315 billion in USDC, averaging approximately $1.7 billion daily.

Where the money went

After allocating $819 million to distribution partners and transaction costs, Circle spent approximately $473 million on operations and infrastructure.

Those expenses covered licensing, banking relationships, compliance programs, settlement liquidity, new products and blockchain integrations.

Circle said it retained approximately 7 cents in net profit for every dollar of revenue, equivalent to roughly $98 million during the period.

The second quarter followed a similar pattern. Distribution and transaction costs reached $412 million against $701 million in revenue and reserve income, representing approximately 59% of quarterly revenue.

The partner network behind USDC

Circle said more than 150 partners participate in USDC’s economics, with Coinbase remaining its largest distribution partner.

Coinbase reported that average USDC balances held across its products reached $20 billion during the second quarter, up 44% from a year earlier.

Meanwhile, Binance signed a five year commercial agreement with Circle in September and invested $100 million in the company.

Under Circle’s model, distribution partners receive a share of reserve income based on the USDC balances they attract and maintain.

The company said USDC accounted for approximately 77% of global stablecoin transaction volume in June, up from 60% a year earlier.

Circle expands free USDC redemptions

Circle also addressed criticism from emerging stablecoin issuers regarding redemption fees and revenue sharing.

The company said all its customers can redeem USDC without fees through standard banking channels, with settlement taking up to two business days.

Additionally, businesses using the Circle Payments Network and qualifying Circle Platform customers can now access free redemptions with near instant settlement around the clock.

Circle said the service depends on maintaining cash liquidity across its banking partners, allowing it to process redemptions even when traditional banking systems are closed.

The company operates across more than 35 blockchains and maintains relationships with over 25 banking partners, alongside more than 55 licenses and registrations.