Circle Internet Group generated approximately $1.4 billion in revenue and reserve income during the first half of 2026. Of that total, $819 million, or 59%, went to USDC distribution partners and transaction costs. The company retained roughly 7 cents in net profit for every dollar of revenue.

The figures come from disclosures that also detail how Circle funds the infrastructure supporting its dollar-pegged stablecoin. Another roughly $473 million, about 34% of the total, covered licensing, banking relationships, settlement liquidity, compliance programs, product development and blockchain integrations.

Detailed Financial Breakdown

Net income from continuing operations reached $103.5 million for the six-month period. Operating income stood at $79.4 million. Other income of $29.6 million, partially offset by $5.5 million in income tax expense, produced the final net figure.

Reserve income from assets backing USDC and Euro Coin accounted for 94.6% of Circle’s combined revenue and reserve income. That income depends on the amount of stablecoins in circulation and the returns earned on the reserve assets.

Distribution, transaction and other costs totaled $819.3 million. Operating expenses came to $496.8 million in one detailed accounting of the period.

USDC Transaction Activity

USDC recorded more than $36 trillion in on-chain transaction volume during the first half of the year. The total combines $21.5 trillion in the first quarter and $14.8 trillion in the second. The metric covers native USDC and officially bridged versions on supported chains, excluding Solana.

By June, USDC accounted for about 77% of global stablecoin transaction volume, up from 60% a year earlier. Separately, Circle minted and redeemed more than $315 billion of USDC over the six months, an average of roughly $1.7 billion per day including weekends and holidays.

The on-chain volume figure measures settlement activity and does not represent revenue earned on transfers.

Partner Economics and Network

More than 150 partners hold an economic interest in USDC’s growth. Partners that increase USDC balances on their platforms can receive a share of reserve income, linking their earnings directly to the stablecoin’s distribution.

Coinbase remains the largest and longest-standing partner. In the second quarter, average USDC balances held in its products reached a record $20 billion, up 44% from a year earlier and representing more than 30% of supply at the end of the period. Coinbase captured roughly half of the economic rewards tied to USDC over the past year.

Binance entered a five-year commercial agreement with Circle in September and purchased $100 million of the company’s stock.

Response to New Stablecoin Models

The disclosures address claims by newer stablecoin issuers that existing issuers retain too large a share of the economics and that redemptions are costly. Circle described arrangements that promise to share the substantial majority of economics as offering a stablecoin that distributes everything but funds nothing.

Every Circle customer can redeem USDC for free through standard bank channels, with settlement in up to two business days. Customers using the Circle Payments Network for payment flows and eligible Circle Platform customers can access free, near-real-time redemptions around the clock.

The company reports third-quarter financial results on November 4.