Circle defends USDC economics as stablecoin rivals court its partners with bigger cut
Source: CoinDesk ·
From the source
Coinbase, Circle’s largest USDC partner, also backs Open USD, a rival network that passes reserve income to partners after a management fee. Stablecoin issuer Circle CRCL $82.25 · Market Closed is defending its business model as Coinbase, its largest distribution partner, backs a rival that aims to give businesses more income from stablecoin reserves. In a blog post on Friday, Chief Commercial Officer Kash Razzaghi wrote that Circle kept about 7 cents in net profit for each dollar in revenue made during the first half of 2026. The firm brought in about $1.4 billion, while distribution and transaction costs totaled $819 million. The post puts the figures at the center of a dispute over who gets the interest earned on assets backing stablecoins. Circle said the remaining $473 million covered compliance, liquidity and product development. That figure also included about $214 million in stock-based compensation and related costs. Coinbase is Circle’s largest USDC partner, but is also a…