Circle defends USDC economics as stablecoin rivals court its partners with bigger cut

  • By: Kenny
  • Date: October 18, 2026
  • Time to read: 1 min.



Stablecoin issuer Circle · is defending its business model as Coinbase, its largest distribution partner, backs a rival that aims to give businesses more income from stablecoin reserves.

In a blog post on Friday, Chief Commercial Officer Kash Razzaghi wrote that Circle kept about 7 cents in net profit for each dollar in revenue made during the first half of 2026. The firm brought in about $1.4 billion, while distribution and transaction costs totaled $819 million.

The post puts the figures at the center of a dispute over who gets the interest earned on assets backing stablecoins.

Circle said the remaining $473 million covered compliance, liquidity and product development. That figure also included about $214 million in stock-based compensation and related costs.

Coinbase is Circle’s largest USDC partner, but is also a backer of Open USD, along with Stripe and BlackRock. Open USD, unveiled in June, aims to let businesses mint and redeem stablecoins without fees, while passing off reserve income minus a management fee to participants.



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