USDC processed $36 trillion in H1 transactions, but Circle kept just 7 cents of every revenue dollar

Stablecoin issuer Circle spent 93% of its first-half revenue on distribution, operations, and investment as USDC processed more than $36 trillion in transactions.The stablecoin issuer generated about $1.4 billion in revenue in the first six months of 2026, but $819 million went to distribution partners and transaction costs, while another $473 million covered operating expenses and network investment.Circle retained roughly seven cents of every dollar earned as net profit, about $103 million.Circle paid 59 cents of each H1 revenue dollar to distribution and transaction costs, retaining 41 cents and earning 7 cents. Source: CircleThe figures, released Oct. 16 by Chief Commercial Officer Kash Razzaghi, form part of Circle's response to newer stablecoin providers promising businesses a bigger share of the earnings generated by digital dollars.Circle argues that the money it retains must pay for the banking access, liquidity, and compliance systems that let USDC operate across international markets.Coinbase helps drive Circle's $819 million distribution billCircle earns most of its revenue from the assets backing USDC, which include cash and US government securities. Exchanges, wallets...