Circle has published a breakdown of USDC’s economics as competing stablecoin networks seek distribution partners by offering them reserve income. In an October 16 post, chief commercial officer Kash Razzaghi said the company retained about seven cents in net profit for every dollar of revenue in the first half of 2026.

Circle reported approximately $1.4 billion in revenue and $819 million in distribution and transaction costs, equivalent to roughly 59% of revenue. Those costs are a combined category, not a disclosure that the entire amount was paid directly to partners. The company described another $473 million in spending across infrastructure, compliance, liquidity and product investment.

Redemption speed depends on eligibility

Circle said standard USDC redemptions remain free for its customers and typically settle within two business days. Payment flows through Circle Payments Network can now access free near-real-time settlement, while qualifying Circle Platform customers can also receive that service.

That distinction matters: the announcement does not promise every USDC holder immediate, fee-free cash withdrawals through any exchange or wallet. Circle Mint, its institutional minting and redemption service, is not available to individuals.

CoinDesk placed the disclosure against competition from networks including Open USD and the Paxos-led Global Dollar Network. Circle’s post did not name Open USD directly.

For businesses choosing stablecoin infrastructure, the practical comparison is broader than the advertised share of reserve income. Eligibility, redemption timing and the liquidity supporting settlement remain separate considerations. Circle’s figures describe its own economics; they do not independently establish that its model is cheaper than competitors’ offerings.