Circle reserve income falls 8% as ARC presale lifts Q3 revenue

Source Fxstreet
  • Circle reported $865 million in Q3 revenue, despite an 8% decline in reserve income.
  • USDC onchain transaction volume rose 49% to $13.9 trillion, while average circulating supply increased 8% to $73.3 billion during the quarter.
  • Adjusted EBITDA climbed 85% to $317 million, supported by $182 million in ARC token presale revenue and lower distribution costs.

Circle (CRCL) reported increased revenue in its Q3 earnings update on Wednesday as the $182 million ARC token presale offset the decline in reserve income.

Circle's Q3 revenue climbs as ARC presale boosts earnings

The stablecoin issuer stated that total revenue and reserve income reached $865 million in Q3, up 17% from a year earlier. Net income from continuing operations increased 5% to $226 million, while adjusted EBITDA climbed 85% to $317 million.

Circle attributed the adjusted EBITDA increase partly to revenue from its blockchain ARC token presale and lower distribution costs. Revenue from "other" sources rose 627% YoY to $207 million, including $182 million from the presale. Reserve income, by contrast, fell 8% to $658 million, reflecting a lower reserve return rate that partly offset growth in average USDC circulation.

Average USDC in circulation reached $73.3 billion during the quarter, up 8% YoY, while onchain transaction volume rose 49% to $13.9 trillion.

“In Q3, we saw continued proof that institutions are building and expanding on USDC,” said Circle CEO Jeremy Allaire.

Allaire pointed to Tereina's integration of USDC and EURC into the SAP ecosystem, Visa's move to commercial stablecoin prefunding and Binance's renewed partnership with Circle as key Q3 milestones. The company also said its Circle Payments Network reached $41.3 billion in annualized total payment volume during the quarter.

Circle also launched the public mainnet of the Arc blockchain on September 16, with more than 100 institutional and ecosystem builders participating from launch. Allaire described the network as infrastructure for developing “the next generation of financial applications.”

Circle's Q3 results follow strong H1 revenue

The latest results build on Circle's first-half performance in 2026. In an earlier coverage, the company said it recorded approximately $1.4 billion in revenue, while USDC onchain transaction volume exceeded $36 trillion.

Circle also reported that it minted and redeemed more than $315 billion worth of USDC during the period, averaging $1.7 billion daily. The company also said 59 cents of every dollar in H1 revenue went to USDC distribution partners and transaction costs, totaling about $819 million.

CRCL trades at $76.5, up 1.7% on the day.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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