Stablecoin issuer Circle CRCL$82.25·Market Closed is defending its business model as Coinbase, its largest distribution partner, backs a rival that aims to give businesses more income from stablecoin reserves. In a blog post on Friday, Chief Commercial Officer Kash Razzaghi wrote that Circle kept about 7 cents in net profit for each dollar in revenue made during the first half of 2026. The firm brought in about $1.4 billion, while distribution and transaction costs totaled $819 million.