Stablecoin issuer Circle CRCL$82.25·Market Closed is defending its enterprise mannequin as Coinbase, its largest distribution accomplice, backs a rival that goals to offer companies extra revenue from stablecoin reserves.
In a weblog submit on Friday, Chief Industrial Officer Kash Razzaghi wrote that Circle stored about 7 cents in web revenue for every greenback in income made throughout the first half of 2026. The agency introduced in about $1.4 billion, whereas distribution and transaction prices totaled $819 million.
The submit places the figures on the heart of a dispute over who will get the curiosity earned on belongings backing stablecoins.
Circle stated the remaining $473 million coated compliance, liquidity and product improvement. That determine additionally included about $214 million in stock-based compensation and associated prices.
Coinbase is Circle’s largest $USDC accomplice, however can also be a backer of Open USD, together with Stripe and BlackRock. Open USD, unveiled in June, goals to let companies mint and redeem stablecoins with out charges, whereas passing off reserve revenue minus a administration payment to contributors.
