Circle, the issuer of the USDC stablecoin, disclosed that for the first half of 2026 it retained just 7 cents of net profit for every dollar in revenue, amid intensifying competition from rivals offering fee-free models. The company reported approximately $1.4 billion in revenue for the period, with $819 million distributed to distribution partners and $473 million reinvested in operations, licensing and compliance. USDC processed more than $36 trillion in on-chain transaction volume during H1 2026, capturing 77% of global stablecoin transaction volume in June 2026. Circle points to its regulatory infrastructure spanning over 55 licenses and 25 banking partnerships as justification for its thin-margin model.
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