[Circle Discloses Net Profit of Only 7 Cents per Dollar for USDC Revenue, Responds to Zero-Fee Competition] According to a report by Crypto Briefing on October 19, Circle, the issuer of USDC, disclosed that in the first half of 2026, its net profit per dollar of revenue was only 7 cents. This data was revealed by Chief Business Officer Kash Razzaghi in a blog post on October 16. Circle's revenue and reserve income for the first half of the year totaled approximately $1.4 billion, of which $819 million (equivalent to 59 cents per dollar) was allocated to distribution partners and transaction costs. The company stated that the low retention rate demonstrates the sustainability of its model and pointed out that competitors with higher profit-sharing ratios save money on underlying infrastructure. Circle claims to hold over 55 licenses, collaborate with more than 25 banks, and have over 150 partners participating in the USDC economic sharing model. In the first half of the year, USDC's on-chain transaction volume exceeded $36 trillion, and by June 2026, its global stablecoin transaction market share had risen to 77%, compared to 60% in the same period last year. The article mentions direct competitive pressure from Open USD, which launched in June 2026, offering free minting and redemption while passing reserve income directly to participants.