Opinion
Circle Fires Back: Why USDC's 7-Cent Profit Is Fair as Rivals Lure Partners
Key points
- Circle kept ~7 cents profit per revenue dollar in H1 2026, with $819M of $1.4B going to distribution and transaction costs.
- Coinbase, Circle's largest USDC partner, backs Open USD, a rival network that passes reserve income to partners after a management fee.
- Circle argues reserve income must also fund redemption, compliance, and liquidity, and says standard USDC redemptions remain free.
Coindesk8 hours ago85 views0 comments
