USDC Retains Only 7 Cents of Net Profit per Dollar of Revenue; Circle Responds to Zero-Fee Competition

Odaily reports: Circle disclosed that in the first half of 2026, USDC retained only 7 cents of net profit per $1 of revenue. According to a blog post published on October 16 by Circle Chief Business Officer Kash Razzaghi, Circle generated approximately $1.4 billion in revenue and reserve income in the first half of the year, of which $819 million was distributed to distribution partners and used for transaction costs, equivalent to about 59 cents per dollar of revenue. Circle stated that the low revenue retention rate demonstrates the sustainability of its model, and said that competitors' higher revenue-sharing ratios mean they are saving costs on underlying infrastructure.

Circle holds more than 55 licenses and partners with over 25 banks, with more than 150 partners participating in the USDC economic revenue share. In the first half of 2026, USDC on-chain transaction volume exceeded $36 trillion; in June 2026, USDC's share of global stablecoin transaction volume rose to 77%, up from 60% in the same period the previous year. Open USD launched in June 2026, featuring free minting and redemption, and distributes reserve income directly to participants.