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Circle’s Q4 Reveals USDC’s Hidden Cost: Distribution Partners Take 63% of Reserve Income

Circle’s Q4 Reveals USDC’s Hidden Cost: Distribution Partners Take 63% of Reserve Income

Author:

Global Cryptocurrency

Published:

2026-02-26 12:16:07

14

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USDC News -

Circle's latest financial results reveal a stark reality behind its USDC stablecoin growth. While circulation surged 72% to $75.3 billion and reserve income jumped 69%, the company surrendered 63 cents of every dollar earned to distribution partners.

The $733.4 million in reserve income was whittled down to $272.8 million after paying $460.6 million in distribution costs. This architecture underscores how platforms controlling user access capture the lion's share of stablecoin yield.

Circle's emphasis on "Revenue Less Distribution Costs" as a key metric signals the fundamental economics of the stablecoin business: issuers must pay for shelf space in crypto's distribution channels.

By:

UK’s FCA Selects 4 Firms To Trial Stablecoins Ahead Of Final 2026 Rules

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