Circle brought in about $1.4 billion of revenue in the first half of 2026 and kept roughly 7% of it as net profit, according to Chief Commercial Officer Kash Razzaghi in a company blog post reported by Bitcoin.com News. About $819 million, or 59%, went to USDC distribution partners and transaction costs, and roughly $473 million, around 34%, covered licensing, banking relationships, liquidity, compliance, product development and blockchain integrations. "A stablecoin is not a software product. It is monetary infrastructure, and it has to be financially sound," Razzaghi wrote. The post reads as a reply to rivals promising to hand more reserve income back to partners and users, and Razzaghi framed the limit as "how much can be shared while continuing to fund the infrastructure that makes the stablecoin useful in the first place." Activity looks healthy. More than $315 billion of USDC was minted and redeemed in the first half, about $1.7 billion a day, second-quarter minting and redemption reached $170 billion, up 105% from a year earlier, and onchain transfer volume passed $36 trillion. Circle says USDC carried about 77% of global stablecoin transaction volume by June, up from 60% a year before. Huge throughput on a 7% margin leaves Circle little room to match a competitor that offers partners a bigger cut.