Circle generated approximately $1.4 billion in revenue during the first half of 2026, with about $819 million paid out to distribution partners and transaction-related costs. An additional $473 million supported operational, compliance and technology spending. This structure reveals that a significant portion of revenue is absorbed by the distribution network, leaving a proportionally smaller retained profit than USDC’s headline size might suggest. Coinbase ranks among Circle’s most important commercial partners for making the stablecoin accessible to users. These figures demonstrate that issuing a digital dollar may be only the first step, as the partners enabling its use can command a considerable share of the economic value.
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