Circle retained about $103 million in net profit, roughly seven cents per revenue dollar, in the first half of 2026. Circle spent 93% of about $1.4 billion in revenue on distribution, operations and investment. Circle said USDC processed more than $36 trillion in on-chain transactions during the period. Competing stablecoin issuers are offering distributors larger shares of reserve earnings, putting pressure on Circle's existing arrangements. Circle argues that revenue sharing must be balanced against the costs of banking access, liquidity and compliance. Circle now offers eligible customers free, near-real-time redemptions around the clock through the Circle Payments Network and its platform products.