Circle Revenue Climbs 17% as USDC Supply Reaches $73.3B

• Circle’s reserve income fell 8% to $658 million, while other revenue surged 627% to $207 million, including $182 million from the ARC presale.
• Net income rose 5% to $226 million and adjusted EBITDA climbed 85% to $317 million, despite a 5% workforce reduction.
• Circle launched Arc public mainnet and agreed to acquire Tazapay, while expanding USDC payment integrations through Samsung Wallet and Visa Direct.

Circle reported $865 million in third-quarter 2026 revenue and reserve income, up 17% year-over-year, as average USDC circulation reached $73.3 billion. The company also recorded $226 million in net income and $317 million in adjusted EBITDA. Its results covered the quarter alongside workforce reductions, Arc’s launch and a planned Tazapay acquisition.

https://twitter.com/WuBlockchain/status/2117950568593555613?a=56_IjIyrR6eP0fE90XU&s=20

Circle Earnings Reflect Mixed Revenue Sources

Circle’s reserve income reached $658 million, down 8% year-over-year, as its reserve return rate fell 61 basis points. Growth in average USDC circulation partly offset that decline. Meanwhile, other revenue rose 627% to $207 million, including $182 million from the ARC token presale.

USDC onchain transaction volume reached $13.9 trillion, increasing 49% year-over-year. Distribution, transaction and other costs fell 8% to $412 million. However, operating expenses increased 16% to $245 million, while adjusted operating expenses rose 13% to $139 million.

Net income from continuing operations increased 5% to $226 million. Adjusted EBITDA climbed 85% to $317 million, reflecting ARC presale revenue and lower distribution costs. Circle also reduced its workforce by approximately 5% during the quarter. 

The company recorded $9.15 million in restructuring charges, mainly covering severance, notice-period compensation and employee benefits.

Arc Launch and Tazapay Deal Expand Operations

Circle launched Arc public mainnet on September 16, with 11 founding validators and more than 100 institutional and ecosystem builders. The company completed the genesis mint of 10 billion ARC tokens. 

Its developer community includes 75,000 Arc House members, 10,000 Architect ambassadors and more than 1,200 projects. Circle also signed a definitive agreement to acquire Singapore-based Tazapay, with closing expected in 2027 pending regulatory approval. 

Tazapay handles more than $25 billion in annualized payment volume, works with over 60 banking and fintech partners, and supports local payouts across 100-plus markets. Stablecoins account for about 60% of its transaction volume.

Payments Partnerships and USDC Activity Grow

Circle said CPN annualized transaction volume reached $41.3 billion, with year-over-year growth of 15.2 times. The network enrolled 205 financial institutions. Partnerships included Binance, which announced a $100 million equity investment, and Chelsea FC, which began displaying Circle and USDC branding on team shirts for 2026/27. 

Samsung Wallet enabled eligible U.S. users to send USDC to bank accounts in over 60 countries. Visa Direct also moved USDC prefunding into commercial deployment across more than 180 countries.

Circle additionally announced USDC and EURC integrations with SAP-backed Tereina, alongside partnerships with Allaria and Volante Technologies.