Circle's revenue rises 17% to $865 million as USDC circulation holds near $74 billion
Reserve income fell 8%, but a token presale for Circle's Arc network lifted revenue. It also disclosed a workforce reduction of about 5%.
Circle Internet Group, the issuer of the USDC stablecoin, reported third-quarter revenue and reserve income of $865 million on November 4, up 17% from a year earlier, according to its results release. USDC in circulation was $73.9 billion at the end of the quarter, unchanged from a year earlier.
The numbers
| Measure | Q3 2026 | Year over year |
|---|---|---|
| Total revenue and reserve income | $865 million | +17% |
| Reserve income | $658 million | −8% |
| Other revenue | $207 million | — |
| Net income from continuing operations | $226 million | +5% |
| Adjusted EBITDA | $317 million | +85% |
| Average USDC in circulation | $73.3 billion | +8% |
| USDC at quarter end | $73.9 billion | 0% |
What drove the quarter
Reserve income, the interest Circle earns on the assets backing USDC, fell 8% to $658 million. Growth came instead from other revenue, which reached $207 million, including $182 million from the ARC token presale.
Circle also disclosed a restructuring that includes "a workforce reduction of approximately 5%," with $9.1 million in restructuring expenses in the quarter.
Why it matters
USDC's circulation is a gauge of demand for regulated dollar tokens. Flat year-over-year circulation and lower reserve income meant that the quarter's revenue growth came from the $182 million ARC token presale rather than from interest earned on reserves. The figures arrive two weeks after the OCC finalized its GENIUS Act rule for payment stablecoin issuers, which takes effect in January 2027.
What it could mean for traders
Stablecoin supply is often read as an indicator of liquidity available for crypto trading. A USDC supply that is flat over a year suggests that demand for this dollar token has not grown in that period. Tether's USDT issuance has also held broadly steady this year, at about $184 billion, according to Tether. Interest-rate moves also matter for Circle directly: lower rates would reduce its reserve income further.
Sources
- Circle (SEC filing) — Circle Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1) (November 4, 2026)
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