TLDR Circle (CRCL) posts $865M in Q3 revenue as adjusted EBITDA jumps 85% year-over-year. USDC circulation averages $73.3B as Circle records 49% growth in transaction volume. Circle shares ga
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Circle Internet Group (NYSE: CRCL) reported third-quarter 2026 revenue of $865 million, marking a 17% year-over-year increase. The company also recorded $226 million in net income, while adjusted EBITDA climbed 85% to $317 million. Meanwhile, average USDC circulation reached $73.3 billion, representing 8% annual growth, as CRCL shares advanced 4.36%.
Circle shares closed at $75.22, gaining $3.14 during the trading session. However, the stock slipped 0.48% to $74.86 in pre-market trading. The quarterly results highlighted stronger payment activity, infrastructure expansion, and additional revenue from Arc’s token presale.
Circle generated $865 million in total revenue and reserve income during Q3 2026, up 17% from the previous year. However, reserve income declined 8% to $658 million as the reserve return rate fell 61 basis points to 3.5%. Growth in average USDC circulation partly offset the impact of lower reserve returns.
Other revenue reached $207 million, representing a 627% year-over-year increase. The ARC token presale contributed $182 million to this category, while subscription and services revenue declined. Consequently, revenue less distribution costs increased 55% to $453 million, representing a 52% margin.
Net income from continuing operations increased 5% to $226 million during the quarter. Meanwhile, adjusted EBITDA reached $317 million, rising 85% year-over-year as token presale revenue supported profitability. Operating expenses increased 16% to $245 million, while adjusted operating expenses climbed 13% to $139 million.
Average USDC circulation reached $73.3 billion during Q3 2026, increasing 8% year-over-year. However, end-of-period circulation stood at $73.9 billion, unchanged from the previous year. Meanwhile, USDC onchain transaction volume increased 49% to $13.9 trillion.
Circle minted $104 billion in USDC during the quarter, representing 31% annual growth. However, redemptions also increased 54% to $104 billion, reflecting higher activity across the stablecoin ecosystem. The company reported a 27% stablecoin market share, down 183 basis points year-over-year.
Meaningful wallets holding more than $10 in USDC increased 16% to 7.3 million. USDC on Circle’s platform reached $13.9 billion, increasing 36% annually. Its daily weighted average share of USDC circulation on the platform also climbed 462 basis points to 18.1%.
Circle expanded its payments infrastructure through a definitive agreement to acquire Tazapay, a Singapore-based cross-border payments platform. The proposed acquisition is expected to close in 2027, subject to regulatory approvals. Tazapay brings more than $25 billion in annualized payment volume and partnerships with over 60 banking and fintech institutions.
Circle launched Arc public mainnet on September 16, attracting more than 100 institutional and ecosystem builders. The company also completed the initial mint of 10 billion ARC tokens for network security, utility, and governance. Arc’s developer community includes over 75,000 members and 10,000 ambassadors, who developed more than 1,200 projects during private mainnet.
Binance announced a $100 million equity investment in Circle and renewed its strategic partnership. Circle also expanded USDC payment access through Samsung Wallet, Visa Direct, and several financial technology partnerships. These developments extend stablecoin payment services across international markets and institutional financial networks.
Circle also established a principal partnership with Chelsea Football Club for the 2026/27 season. Furthermore, Allaria partnered with Circle to expand USDC liquidity and institutional access in Argentina. Tereina, Volante Technologies, and other partners also advanced integrations involving stablecoin payments and financial settlement.
Circle maintained its multi-year USDC circulation growth target at a compound annual growth rate of 40%. For fiscal 2026, the company expects other revenue between $310 million and $330 million. Its revenue less distribution costs margin guidance remains between 41.7% and 43.7%.
Circle maintained adjusted operating expenses guidance between $570 million and $585 million. The other revenue and margin forecasts include recognized ARC token presale revenue. These targets reflect Circle’s continued investment in payments infrastructure, stablecoin adoption, and blockchain development.
The third-quarter results showed higher revenue, stronger adjusted EBITDA, and increased USDC transaction activity. However, lower reserve returns and unchanged year-end USDC circulation remained notable financial indicators. Circle’s expansion across payments, institutional partnerships, and blockchain infrastructure formed the central focus of its quarterly performance.
The post Circle (CRCL) Stock: Rises as Q3 Revenue Hits $865M and USDC Circulation Reaches $73.3B appeared first on Blockonomi.
