Circle said it kept about 7 cents in net profit for each dollar of revenue in the first half of 2026, when it brought in $1.4 billion and paid $819 million in distribution and transaction costs. The remaining $473 million covered compliance, liquidity and product development, including about $214 million in stock-based compensation and related costs. The debate comes as Coinbase, Circle's largest USDC partner, also backs Open USD, a rival network with Stripe and BlackRock that passes reserve income to participants after a management fee. Circle argues reserve income must also fund redemptions, compliance and liquidity, and says standard USDC redemptions remain free, while Binance bought a $100 million stake in Circle in September.
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