Circle Third Quarter Revenue and Reserve Income Reach $865 Million, USDC On-Chain Transaction Volume Up 49% Year-Over-Year

on November 4, according to documents filed by Circle with the US SEC, the company's total revenue and reserve income for the third quarter of 2026 reached $865 million, a year-over-year increase of 17%; net income from continuing operations was $226 million, up 5% year-over-year, with diluted earnings per share of $0.84; adjusted EBITDA reached $317 million, an 85% year-over-year increase.

In terms of breakdown, reserve income was $658 million, down 8% year-over-year, primarily due to a 61-basis-point decline in reserve yield to 3.5%; other revenue reached $207 million, a 627% year-over-year increase, of which $182 million came from the ARC token presale. Distribution, trading, and other costs totaled $412 million, down 8% year-over-year, with a profit margin after distribution costs of 52%. As of September 30, Circle held approximately $1.7 billion in cash and cash equivalents.

On the operations front, the average circulating supply of USDC in the third quarter was $73.3 billion, up 8% year-over-year, ending the period at $73.9 billion; on-chain transaction volume reached $13.9 trillion, a 49% year-over-year increase; stablecoin market share stood at 27%, and the number of wallets holding more than $10 in USDC reached 7.3 million, up 16% year-over-year.

In business developments, the annualized total payment volume on Circle Payment Network (CPN) reached $41.3 billion, and the company signed a final agreement to acquire the Singapore-based cross-border payment platform Tazapay, with the transaction expected to close in 2027. The Arc public mainnet went live on September 16, with an initial ARC token supply of 10 billion, and is scheduled to transition to a proof-of-stake (PoS) mechanism in 2027. Additionally, Binance announced a $100 million investment in Circle to expand their strategic partnership. Circle laid off approximately 5% of its workforce in the third quarter, incurring around $9.15 million in restructuring charges.

Circle maintained its full-year guidance unchanged, forecasting other revenue of $310 million to $330 million for 2026, and adjusted operating expenses of $570 million to $585 million.