Circle paid $819 million to distribution partners and transaction costs in the first half of 2026, representing roughly 59% of its $1.4 billion in revenue. The USDC issuer kept approximately 7 cents per dollar earned, translating to about $98 million in net profit. Operating expenses totaled $473 million, covering licenses, banking relationships, compliance, and infrastructure. By June 2026, USDC captured about 77% of global stablecoin transaction volume, up from 60% a year earlier. Circle signed a five-year commercial agreement with Binance tied to a $100 million equity investment and plans to enter 40 to 50 emerging markets.
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