In the first half of 2026, about $819 million of USDC issuer Circle’s roughly $1.4 billion in revenue went to partner payouts and transaction costs; another report put the share at 59%.
These figures point to one conclusion: USDC reaching more users does not mean the issuer can retain the same proportion of the revenue. The two reports are broadly consistent in how they describe the amounts and percentages, but both relay the same disclosure, so they cannot be treated as two independent sets of accounts. The amount may also differ due to rounding when calculated from roughly $1.4 billion.
Separate market reports say Circle plans to expand into nearly 40 new emerging and developing markets, though the plans and rollout timeline have yet to be verified. What matters next is how much these new markets are actually used, and whether partner payouts and transaction costs fall as a share of revenue—not just how widely USDC is available.
If the faster the expansion, the more revenue the channels take, who ultimately benefits from USDC’s scale?
These figures point to one conclusion: USDC reaching more users does not mean the issuer can retain the same proportion of the revenue. The two reports are broadly consistent in how they describe the amounts and percentages, but both relay the same disclosure, so they cannot be treated as two independent sets of accounts. The amount may also differ due to rounding when calculated from roughly $1.4 billion.
Separate market reports say Circle plans to expand into nearly 40 new emerging and developing markets, though the plans and rollout timeline have yet to be verified. What matters next is how much these new markets are actually used, and whether partner payouts and transaction costs fall as a share of revenue—not just how widely USDC is available.
If the faster the expansion, the more revenue the channels take, who ultimately benefits from USDC’s scale?