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

TL;DR: Circle says it generated roughly $1.4 billion in first-half 2026 revenue while spending $819 million on distribution partners and related costs. The disclosure highlights the expense of building a widely used stablecoin payment network. Circle’s USDC business is generating substantial revenue, but its latest disclosures show how much of that income is needed to support distribution and infrastructure. The stablecoin issuer reported approximately $1.4 billion of revenue in the first half o