Coinbase, Circle’s largest USDC partner, also backs Open USD, a rival network that passes reserve income to partners after a management fee. Circle said it kept about 7 cents of profit per revenue dollar in the first half of 2026, after $819 million of $1.4 billion went to distribution and transaction costs. Coinbase, Circle’s largest USDC partner, also backs Open USD, a rival network that passes reserve income to partners after a management fee. Circle argued reserve income must also fund rede…
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