CoinMeta Data: According to the latest disclosure by Circle, in the first half of 2026, the company achieved approximately $1.4 billion in revenue. Of this, about $819 million was spent on paying USDC distribution partners and transaction costs, accounting for about 59% of the total revenue. Another $473 million was used for compliance, banking cooperation, settlement liquidity, and product infrastructure construction, accounting for about 34%. The net profit margin was around 7%. Circle indicates that partners, including Coinbase, can share in the reserve earnings by driving the growth of USDC balances. Currently, more than 150 partners have joined its ecosystem. In addition, all direct customers of Circle can redeem USDC for free through standard banking channels, and eligible customers of payment networks and platforms can also enjoy nearly real-time, 24/7 free redemption services.