Circle Reveals $819 Million USDC Payouts As Stablecoin Economics Come Under Scrutiny
Summary
Circle reported about $1.4 billion in revenue during the first half of 2026, with roughly $819 million spent on distribution partners and transaction costs and $473 million on operations, compliance and technology. The figures show that maintaining USDC’s reach across exchanges, wallets and payment services consumes much of the issuer’s income. Circle earns substantially from interest on reserves backing USDC, leaving revenue exposed to falling interest rates. The company also faces competition from new stablecoin issuers and traditional financial institutions, making distribution, redemption and cost increasingly important.
