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 is another key name. In September 2026, the exchange entered a five-year commercial agreement with Circle that the research findings tie to a $100 million equity investment. The tie-up has widened USDC’s footprint across the crypto market, putting the stablecoin in front of a large pool of trading users.
The payouts appear to be buying something. By June 2026, USDC carried about 77% of global stablecoin transaction volume. A year earlier, that share sat at 60%.
Expansion plans
Circle is not done spending. The company plans to enter approximately 40 to 50 emerging markets.
It has also agreed to buy Tazapay for $400 million, with the deal targeted to close in 2027.
What this means for Circle and the stablecoin market
The first takeaway is that USDC’s growth is partly purchased. Circle is effectively renting distribution from the platforms that own the customer relationship. The $819 million figure puts a price tag on that rent.
For Circle, the trade-off is margin. Keeping about 7 cents per dollar leaves a thin cushion, especially for a business whose revenue is heavily tied to reserve income. When the top line moves, the fixed slice owed to partners and the cost of compliance and banking do not necessarily shrink in step.
That makes the expense line worth watching. The roughly $473 million spent on licenses, banking, compliance, and infrastructure is the cost of operating as a regulated issuer across many jurisdictions. Entering 40 to 50 new markets will likely mean more of each, at least before those markets start contributing meaningfully.
For anyone tracking the stablecoin market, three things stand out going forward. First, whether the partner payout ratio holds near 59% or creeps upward as Circle signs new deals. Second, whether the Binance agreement translates into further share gains beyond the 77% mark. Third, whether the Tazapay acquisition closes on its 2027 target and how quickly the emerging-market push shows up in the numbers.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.