The Economics of USDC and Why Our Partners Win

Circle argues that USDC’s scale and infrastructure distinguish it from newer stablecoin models, reporting that it settled more than $36 trillion in onchain volume during the first half of 2026 and handled over $315 billion in minting and redemptions. The company states that it generated approximately $1.4 billion in revenue over that period, distributing about $819 million, or 59% of revenue, to partners and transaction costs, reinvesting roughly 34% in licensing, compliance, banking relationships, liquidity, blockchain integrations, and product development, while retaining 7% as net profit. Circle says all customers can redeem USDC for free through standard banking rails within up to two business days, while qualifying users of its payments network and platform products can receive free near-real-time redemption, supported by pre-positioned cash liquidity. It highlights more than 55 licenses and registrations, relationships with over 25 banks, reserves managed by BlackRock and custodied by BNY, compliance coverage across 185 countries, and deployments on more than 35 blockchains as components of its global infrastructure. The piece portrays partner revenue sharing, free redemption, and continued infrastructure investment as a self-reinforcing model intended to expand USDC adoption, though it also includes regulatory and operational disclaimers for Circle’s related products and networks.

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