Circle published on 16 October 2026 a detailed account of USDC economics in the first half of 2026, arguing that most revenue flows to distribution partners and that free redemption is already available on standard rails. The figures below are Circle’s own, including its “approximately” and “about” wording.
H1 2026 figures — as Circle states them
According to Circle:
- Approximately $1.4 billion in revenue in H1 2026
- Paid approximately $819 million to USDC distribution partners and transaction costs
- Approximately 59 cents of every dollar of revenue went to global partners
- Reinvested about $473 million, roughly 34 cents of every dollar, into licences, banking, liquidity, compliance, products and chain integrations
- Made 7 cents of net profit from every dollar of revenue
On activity, Circle says USDC settled more than $36 trillion onchain in H1, and that Circle minted and redeemed more than $315 billion of USDC — about $1.7 billion every day, including weekends and holidays. By June, Circle says USDC carried roughly 77% of all global stablecoin transaction volume, up from 60% a year earlier.
Treat every total as a company claim, not an independent audit summarised here.
How partners earn, per Circle
Circle says distribution economics follow adoption: partners that bring the most USDC to market earn the most. It cites Coinbase as its largest and longest-standing partner, noting Coinbase’s own Q2 report that average USDC held in Coinbase products reached an all-time high of $20 billion, up 44% year over year.
Beyond Coinbase, Circle says more than 150 other partners have an economic interest in USDC’s growth. In September, Circle says Binance signed a five-year commercial agreement and invested $100 million in Circle — presented here as Circle’s own September reference, not a new fundraising story for today.
Partners participate in two ways, Circle writes: earn a share of reserve income on balances they hold and grow; and build on Circle Payments Network (CPN) or the Circle Platform and redeem for free in near real time where they qualify.
Redemption — Circle’s three principles
Circle is explicit that every customer can redeem USDC for free through standard banking rails, typically settling in up to two business days. Separately, it says customers who move flows over CPN or build on the Circle Platform can now redeem for free with near-real-time, 24/7/365 settlement capabilities for qualifying flows.
Circle adds that Visa and Mastercard settle in USDC seven days a week, and that in Q1 2026 alone it redeemed $71.8 billion in USDC. In Q2, combined minting and redemption volume reached $170 billion, up 105% year over year — again, Circle’s figures.
Why Circle is publishing this now
The post is framed as a rebuttal to newer issuers who, Circle says, claim incumbents keep too much of the economics or that redemptions are expensive. Circle’s answer is that the majority already goes to partners, free redemption exists, and the retained slice funds the licences, bank liquidity and multi-chain infrastructure that make a stablecoin usable at scale.
It lists building blocks behind that claim: more than 55 licences and registrations (including an OCC national trust bank charter and MiCA compliance), more than 25 partner banks, reserves in a BlackRock-managed government money market fund custodied at BNY, compliance across 185 countries, and native deployments on over 35 blockchains.
Context on TSN
USDC’s market position and regulation have been a running theme. See TSN’s USDC vs USDT explainer, the EBA classification of USDC as the first significant e-money token in the EU, Visa Direct USDC prefunding with Inyo, and Deutsche Bank’s crypto custody move.
What’s still unknown
- How the ~59¢ partner share splits among Coinbase, Binance and the “more than 150” others
- Independent verification of the 77% June volume share
- Whether near-real-time free redemption eligibility thresholds will be published in more detail
What this means
- Circle’s H1 2026 picture: ~\$1.4bn revenue; ~\$819m to partners/costs; ~59¢ per \$1 to partners (Circle).
- Onchain settlement >\$36tn; mint/redeem >\$315bn (Circle).
- Free redemption on standard rails (up to two business days); CPN/Platform near-real-time for qualifying flows (Circle).
Sources
Related stories
- USDC vs USDT: The Stablecoin Wars Explained
- EBA Classifies USDC as the First Significant E-Money Token in the EU
- Visa Direct USDC Prefunding with Inyo Moves Into Production
- Deutsche Bank Moves Into Crypto Custody
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