Circle, the issuer of the USDC stablecoin, has disclosed that it paid approximately $819 million in the first half of 2026 to distribution partners and for transaction costs.
This amount covers payments to platforms and exchanges that facilitate the distribution and use of USDC, as well as network fees and costs associated with processing transactions across various blockchains.
The figure highlights the significant expansion of USDC, which recently surpassed $100 trillion in cumulative onchain transaction volume, reflecting growing reliance on the stablecoin for payments, remittances, and decentralized finance.
Analysts note that these costs illustrate the economic model of stablecoin issuers, which rely on reserve income (such as Treasury bills) to cover distribution and operational expenses, while generating profit margins tied to assets under management.