Circle, the issuer of USDC, reported roughly $1.4 billion in revenue in the first half of 2026, of which around $819 million went to distribution partners and transaction-related costs. Another $473 million went to operational, compliance and technology spending, leaving a much smaller share of revenue as retained profit. Most of the income comes from interest on reserve assets, but making USDC available across exchanges, wallets and payment services is expensive, with Coinbase among its key partners. The article notes that competition from new issuers and traditional financial institutions, along with lower reserve yields from falling interest rates, could compress Circle's income.
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