Circle details USDC revenue split, says $819 million went to partners and costs in H1 2026

Circle disclosed that its USDC stablecoin generated roughly $1.4 billion in revenue during the first half of 2026, with $819 million paid out to distribution partners and transaction costs, while $473 million was reinvested into the business. The breakdown highlights how much of Circle's top line is consumed by partner incentives, a key margin question for a company whose economics depend on reserve income and distribution deals. Traders watching stablecoin competition and Circle's eventual public-market valuation will care about the cost structure, but the disclosure itself is informational rather than a price catalyst.