Circle Makes $1.4B in Revenue but Keeps Just 7% as Profit

Circle Sends 59% of Revenue to USDC Partners and Costs

Circle is putting numbers down the economics of moving 1 of crypto’s largest stablecoins.

The institution generated astir $1.4 cardinal successful gross successful the archetypal fractional of 2026, according to Chief Commercial Officer Kash Razzaghi. Of that, astir $819 cardinal (59%) went to USDC organisation partners and transaction costs.

Another $473 million, astir 34%, was spent connected licensing, banking relationships, liquidity, compliance, merchandise improvement and blockchain integrations.

That near astir 7% arsenic nett profit.

Circle Says Stablecoin Scale Is Expensive

Circle’s disclosure comes arsenic contention intensifies among issuers promising to instrumentality much reserve income to partners and users.

Razzaghi argues that framing overlooks the outgo of operating a stablecoin astatine planetary scale.

“A stablecoin is not a bundle product. It is monetary infrastructure, and it has to beryllium financially sound,” helium wrote.

Circle says it maintains much than 55 licenses and registrations, relationships with implicit 25 banks and autochthonal USDC deployments crossed much than 35 blockchains.

The institution besides pre-positions currency with banking partners to process redemptions extracurricular accepted banking hours, sacrificing immoderate output successful speech for liquidity.

USDC Redemptions Move Closer to 24/7

Circle is present extending that infrastructure further.

Customers utilizing the Circle Payments Network, on with eligible Circle Platform clients, tin entree free, near-real-time USDC redemptions 24/7/365. Standard redemptions stay escaped and typically settee wrong 2 concern days.

Circle says it minted and redeemed much than $315 cardinal of USDC during the archetypal half, adjacent to astir $1.7 cardinal per day, including weekends and holidays.

In the 2nd 4th alone, combined minting and redemption measurement reached $170 billion, up 105% from a twelvemonth earlier.

$36 Trillion Shows Why the Economics Matter

USDC processed much than $36 trillion successful onchain transaction measurement successful H1 2026.

By June, Circle says the stablecoin accounted for astir 77% of planetary stablecoin transaction volume, up from 60% a twelvemonth earlier.

That standard makes Circle’s gross breakdown peculiarly significant.

The statement astir stablecoins is progressively shifting from who tin contented a integer dollar to who tin administer it, redeem it quickly, and support capable economics to enactment the infrastructure underneath.

As Razzaghi enactment it, the existent question is “how overmuch tin beryllium shared portion continuing to money the infrastructure that makes the stablecoin utile successful the archetypal place.”