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

Circle made a lot of money in the first half of 2026. Then it gave most of it away. The USDC issuer paid $819 million to distribution partners and transaction costs over those six months. According to figures Circle reported on October 16, 2026, that equals around 59% of the roughly $1.4 billion in revenue the company brought in during the period. Where the money went After the $819 million partner payout, Circle put most of the remaining income back into running the company. Roughly $473 million went to operating expenses, which Circle says covered licenses, banking relationships, compliance, and infrastructure. What was left over? About $98 million in net profit. That works out to approximately 7 cents for every dollar Circle earned. The second quarter followed the same pattern. In Q2 2026 alone, distribution and transaction costs came to $412 million, against $701 million in revenue and reserve income. That is roughly the same share of revenue flowing out the door to partners as the half-year figure. The partner network behind USDC More than 150 partners take part in USDC economics, according to Circle. Coinbase is the largest of them, measured by the balances it holds. Binance ...