Circle Discloses USDC Economics, Paying $819M to Distribution Partners in H1 2026

Circle generated approximately $1.4 billion in revenue during the first half of 2026 and paid roughly $819 million of that total to $USDC distribution partners and transaction costs ¹. The figures, published in a commercial update, reveal that Circle passed approximately 59 cents of every revenue dollar to partners that support the stablecoin across exchanges, banks, wallets, and payment networks ¹.

Circle spent approximately $473 million—about 34 cents of every revenue dollar—on regulatory licenses, banking relationships, settlement liquidity, and infrastructure development during the six-month period ¹. The company retained 7 cents of net profit per dollar of revenue ¹. Over the same timeframe, USDC settled more than $36 trillion in onchain transaction volume, with Circle processing over $315 billion in mints and redemptions ¹. By June 2026, USDC accounted for roughly 77% of global stablecoin transaction volume, expanding from 60% recorded a year earlier ¹.

Partner Revenue and Settlement Mechanics

Coinbase remained Circle's largest distribution partner, with average USDC held in its products reaching an all-time high of $20 billion in the second quarter, up 44% year over year ¹. In September, Binance signed a five-year commercial agreement and invested $100 million in Circle ¹. More than 150 other partners participate economically in USDC's growth, receiving a share of reserve revenue proportional to the balances they maintain ¹.

Redemption volumes totaled $71.8 billion in the first quarter of 2026, representing about 90% of the active circulating supply at that time ¹. Combined minting and redemption volumes reached $170 billion in the second quarter, representing a 105% year-over-year increase ¹. Circle confirmed that standard redemptions remain free of charge and settle in up to two business days ¹. Furthermore, customers utilizing the Circle Payments Network or developing via products such as Arc, Circle Mint, and Circle Wallets can redeem USDC for free under near-real-time settlement terms ¹.