Circle Q3 Revenue Rises 17% as USDC Use Grows

Circle reported Q3 2026 revenue and reserve income of $864.9 million, up 17% year over year. The result included $182 million from its ARC token presale, while USDC reserve income fell 8% to $658 million as yields eased. Adjusted EBITDA rose 85% to $317 million, and net income from continuing operations increased 5% to $226 million. USDC on-chain transaction volume climbed 49% year over year to $13.9 trillion. Average circulation was reported at $73.3 billion, up 8% year over year, although it declined 4.2% quarter over quarter in the earlier figures; quarter-end circulation was about $73.9 billion. USDC’s stablecoin market share fell to 27%, despite 7.3 million active wallets holding more than $10 in USDC. Circle is expanding beyond reserve income. Its payments network reached $41.3 billion in annualized volume, USDC held on Circle’s own platforms rose to $13.9 billion, and Binance invested $100 million while broadening its partnership with the company. Circle launched Arc’s public mainnet with 11 validators and more than 100 builders. It also reaffirmed a planned $400 million acquisition of Tazapay, subject to regulatory approval, and disclosed Q3 workforce cuts of about 5%. For traders, Circle’s results show stronger USDC activity and payments growth, but also dependence on one-off ARC proceeds and sensitivity to falling interest rates. The durability of recurring revenue, USDC’s market share and Arc’s commercial traction remain important indicators.