Circle details the distribution economics behind USDC

Circle published a breakdown of USDC's economics on October 16. It says approximately $819 million of its roughly $1.4 billion in first-half revenue went to distribution partners and transaction costs.

The company also distinguishes free redemption through standard banking rails from near-real-time redemption available to qualifying customers using its network and platform. Those terms concern direct Circle customers, not necessarily every retail holder or exchange withdrawal.

The figures explain why stablecoin competition involves more than reserve income. Distribution agreements, banking access and the ability to return funds reliably all affect whether a token is useful. The breakdown is Circle's account of its own business.