Circle Reveals $819 Million USDC Payouts As Stablecoin Economics Come Under Scrutiny

Circle generated roughly $1.4 billion in first-half 2026 revenue while spending $819 million on distribution partners and related costs. Another $473 million supported operational, compliance, and technology spending. The disclosure highlights the expense of building a widely used stablecoin payment network, leaving a smaller proportion of revenue as retained profit than the headline size of USDC suggests.