Circle Q3 Earnings: Revenue Reaches $865M, Up 17% in a Year Circle Internet Group (NYSE: CRCL) reported third-quarter 2026 results on November 4, 2026. The Circle Q3 earnings show total reven
Circle Internet Group (NYSE: CRCL) reported third-quarter 2026 results on November 4, 2026. The Circle Q3 earnings show total revenue and reserve income of $865 million, up 17% from a year earlier.
Net income from continuing operations rose 5% to $226 million. Adjusted EBITDA climbed 85% to $317 million, according to the company’s official results release.
CEO Jeremy Allaire and CFO Jeremy Fox-Geen discussed the update on a live call at 8:00 AM ET. Other headline numbers:
Average USDC in circulation: $73.3 billion, up 8%
USDC on-chain transaction volume: $13.9 trillion, up 49%
Adjusted operating expenses: about $139 million, up 13%
Most of the Circle Q3 earnings growth came from one item. The company booked about $182 million from the ARC token presale, part of $207 million in other revenue.
Revenue line
Q3 2026
Change or note
Reserve income
$658M
Down 8%
Other revenue
$207M
Includes about $182M from the token presale
Total
$865M
Up 17%
Reserve income fell because the reserve return rate dropped about 61 basis points (0.61 percentage points) to roughly 3.5%. Higher average supply offsets part of the decline.
Remove the presale, and revenue is about $683 million. That sits below the roughly $739 million implied for the same quarter a year ago. This is simple subtraction, not a reported figure.
Net income grew only 5%, far below the 85% rise in adjusted EBITDA. The company also booked about $9.1 million in restructuring charges for a roughly 5% workforce reduction.
USDC on-chain transaction volume reached $13.9 trillion, up 49% from a year ago. Allaire said the token carried 79% of all stablecoin transaction volume in the quarter.
He also said a record $208 billion was minted and redeemed.
Supply grew more slowly. Average USDC in circulation was $73.3 billion, up 8%. End-of-period supply was about $73.9 billion, roughly flat on the year.
Volume grew about six times faster than average supply. Each dollar is changing hands more often, but balances are not rising at the same pace.
The Arc mainnet launched on September 16 with 11 founding validators and more than 100 apps. The company said in its post on X that assets on Arc reached $1.5 billion by late October.
All 10 billion ARC tokens were minted at genesis. The token is meant for network coordination and governance, with a planned path to proof-of-stake.
The Circle Payments Network, or CPN, reached $41.3 billion in annualized payment volume, up 15.2 times from a year earlier. The figure uses trailing 30-day activity, and 205 financial institutions are enrolled. Allaire said volume passed $58 billion by late October.
The company also agreed to buy Tazapay, a Singapore-based B2B cross-border payments firm, for about $400 million in Class A stock. The deal needs regulatory approvals and is expected to close in 2027.
The expanded Binance partnership includes a $100 million equity investment. Chelsea FC also became a principal partner.
The company kept its 2026 outlook, according to its investor materials:
Other revenue of $310 million to $330 million
Adjusted operating expenses of $570 million to $585 million
About 40% annual growth in USDC circulation over several years
The numbers carry a few risks:
Lower rates: reserve income depends on interest earned on reserves, and the return rate is falling.
Presale timing: the $182 million may not repeat at this scale. Total ARC presale proceeds were about $242 million.
Deal closing: Tazapay still needs regulatory approval, so the benefit is not guaranteed.
In short, the Circle Q3 earnings show a business leaning on usage, Arc, and payments, while rate-sensitive reserve income shrinks. The next crypto news update will show whether supply growth picks up and how much presale income remains.
Disclaimer: This article is for educational and informational purposes only and should not be considered financial or investment advice. Always conduct your own research before making investment decisions.
