Circle's H1 2026 numbers just dropped and they're bleeding 59% of revenue to distribution partners and transaction costs.
$819M out of $1.4B total revenue went straight to exchanges, wallets, banks keeping $USDC flowing. That's the real cost of stablecoin dominance.
The math: Circle keeps 7 cents per dollar as net profit. Roughly $98M on $36 trillion in onchain volume and $315B in mint/redeem activity.
Coinbase still the biggest partner with $20B average $USDC balances in Q2, up 44% YoY. Binance locked in a 5-year deal + $100M investment in September.
Circle now claiming 77% of global stablecoin transaction volume vs 60% last year. They're expanding free redemptions with instant settlement to shut down competitors crying about fees.
150+ partners splitting reserve income based on balances they bring in. This is how you buy marketshare in stablecoins. Pay to play.
$819M out of $1.4B total revenue went straight to exchanges, wallets, banks keeping $USDC flowing. That's the real cost of stablecoin dominance.
The math: Circle keeps 7 cents per dollar as net profit. Roughly $98M on $36 trillion in onchain volume and $315B in mint/redeem activity.
Coinbase still the biggest partner with $20B average $USDC balances in Q2, up 44% YoY. Binance locked in a 5-year deal + $100M investment in September.
Circle now claiming 77% of global stablecoin transaction volume vs 60% last year. They're expanding free redemptions with instant settlement to shut down competitors crying about fees.
150+ partners splitting reserve income based on balances they bring in. This is how you buy marketshare in stablecoins. Pay to play.