Circle spent $473 million, or 34 cents per revenue dollar, on operating expenses, network investments, compliance, licenses, and $214 million in stock-based compensation during H1 2026

From the articleCircle defends USDC economics as stablecoin rivals court its partners with bigger cutAlso in Circle defends USDC model, reveals just 7 cents profit per dollar, USDC processed $36 trillion in H1 transactions, but Circle kept just 7 cents of every revenue dollar, Circle defends USDC economics as OUSD courts its partners - Cryptopolitan