CIRCLE DETAILS REVENUE SPLIT; $819 MILLION WENT TO PARTNERS AND COSTS

Summary from the TLDR Crypto newsletter

Circle reported about $1.4B in H1 2026 revenue. It paid $819M to USDC distribution partners and transaction costs and reinvested about $473M in infrastructure, compliance, and product. It kept about 7 cents of net profit per dollar of revenue. COO Kash Razzaghi's blog post pushes back on new stablecoin entrants who argue issuers keep too much. USDC processed over $36T onchain and had about 77% of global stablecoin transaction volume in June, up from 60% a year earlier. Q3 results are due November 4.