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DOGE$0.0747Circle Q3 revenue rises 17% to $865M as USDC supply grows 8%
Circle's Q3 2026 results: revenue and reserve income of $865M (+17%), net income of $226M and average USDC in circulation of $73.3B, up 8% year over year.
Circle Internet Group (NYSE: CRCL), the issuer of the USDC stablecoin, reported third-quarter 2026 results on Nov. 4, with total revenue and reserve income of $865 million, up 17% from a year earlier.
Details
According to the company's press release, net income from continuing operations reached $226 million (+5% year over year) and adjusted EBITDA hit $317 million (+85%). Circle attributes the EBITDA jump to revenue from the ARC token presale and lower distribution costs, partly offset by spending on new products.
Average USDC in circulation for the quarter was $73.3 billion, up 8% from a year earlier. USDC onchain transaction volume totaled $13.9 trillion (+49%). The reserve return rate fell 61 basis points year over year.
Circle's highlights for the quarter include the Arc mainnet launch, the Circle Payments Network (CPN) reaching $41.3 billion in annualized volume, and an agreement to acquire Singapore-based payments firm Tazapay, expected to close in 2027 pending regulatory approval. Binance announced a $100 million equity investment in Circle and a renewed partnership to promote USDC.
What this means for the market
Circle's revenue depends largely on income from USDC reserves, so it moves with both the stablecoin's supply and interest rates. The quarter shows the company growing through volume and new lines of business, payments and its own Arc network, even as reserve yields decline.
For the stablecoin market it is another benchmark: USDC is growing at a moderate pace, while competition shifts to payment use cases and exchange distribution. See the daily brief and the USDC page for market data.
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