Circle paid $819 million out of about $1.4 billion in first-half revenue to USDC distribution partners and for transaction costs, The Block reported on Thursday.

Circle also reinvested about $473 million over the same period in infrastructure, regulatory compliance and product development through its blog, the report said.

Circle's moves are aimed at rebutting claims made by new stablecoin issuers about Circle. They have argued that incumbent issuers take too much of the revenue and charge excessive redemption fees. They have also highlighted that more efficient models could replace incumbent issuers.

Kash Razzaghi (카시 라자기), Circle's chief operating officer, said, "Reinvestment is not overhead. It is investment that makes USDC useful and the result of more than eight years of building." He added, "A digital dollar must work everywhere. It must be redeemable at any time, held by regulated institutions, and move freely across the chains and platforms where businesses operate."

Circle said it kept about 7 cents as net profit for every $1 of revenue. USDC on-chain transaction volume topped $36 trillion. As of June, USDC accounted for about 77 percent of global stablecoin trading volume, up from 60 percent a year earlier.

A report issued earlier this week by Standard Chartered Bank said average monthly stablecoin transfers this year came close to $10 trillion. William Blair analysts said in an investor note last month that Circle could benefit from a recovery in the cryptocurrency market. They said regulatory improvements, increased trading in tokenised assets and business diversification would support Circle's share price through 2027.

Circle will report third-quarter results on Nov. 4.