Circle reports $1.4 billion USDC revenue, $819 million in partner costs for H1 2026

USDC revenue — Circle has disclosed a detailed breakdown of revenue from its USDC stablecoin, reporting approximately $1.4 billion in total revenue for the first half of 2026, with $819 million allocated to partners and transaction costs.

The company stated that the $819 million figure represents the portion of USDC-related revenue distributed to its ecosystem partners and used to cover transaction-related expenses. This leaves a significant portion of the revenue for the company’s operations and reinvestment.

Circle noted that it reinvested $473 million of the revenue back into its business during the period. The disclosure provides rare insight into the financial mechanics behind one of the world’s largest stablecoins, which operates as a collaboration between Circle and Coinbase.

The revenue is primarily generated from the interest earned on the reserves backing USDC tokens. The breakdown highlights the substantial economic activity and partner ecosystem that has developed around the stablecoin, which maintains a market capitalization in the tens of billions.