Circle Says First-Half Revenue Hit $1.4 Billion, With More Than $800 Million Paid to Partners

Circle, the issuer of USDC, said it generated about $1.4 billion in revenue in the first half of this year, with more than $800 million paid to distribution partners and transaction costs.

On Oct. 16, Kash Razzaghi, Circle's chief business officer, wrote in an official post that the company recorded about $1.4 billion in first-half revenue, of which about $819 million went to USDC distribution partners and transaction costs. That was about 59% of total revenue.

Circle also reinvested much of the remainder in expanding the business. The company spent about $473 million over the same period on regulatory licensing, banking partnerships, payment liquidity and new product development.

Circle has for years shared most of its revenue with partners that help expand USDC's reach, Razzaghi wrote. Under that structure, partners earn more as they distribute and hold more USDC.

Circle currently works with more than 150 partners, including Coinbase and Binance. Binance in September signed a five-year commercial agreement with Circle and invested $100 million.

USDC transaction volume has been rising in recent months. Circle said USDC's on-chain transaction volume exceeded $36 trillion in the first half of this year. As of June, USDC accounted for about 77% of global stablecoin transaction volume, up from 60% a year earlier.