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

Circle reported approximately $1.4 billion in revenue during the first half of 2026. The stablecoin issuer disclosed that $819 million was allocated to distribution partners and transaction-related costs. Additionally, $473 million supported technology, compliance, and operational spending. These figures highlight the substantial expenses required to maintain the USDC payment network. As rivals attempt to attract partners with larger incentives, Circle continues to defend its economic model while managing these high infrastructure and distribution costs.