Circle Q3 Revenue Rises 17% as ARC Presale Offsets Lower Reserve Income
Circle reported $865M in Q3 revenue and reserve income. ARC presale revenue helped offset an 8% decline in reserve income, despite higher USDC activity.
Circle’s November 4 results show why USDC activity and issuer earnings need separate readings. For Q3 2026, USDC onchain transaction volume reached $13.9 trillion, up 49% year over year, while average circulation rose 8% to $73.3 billion.
What drove the revenue change
Total revenue and reserve income increased 17% to $865 million. Reserve income fell 8% to $658 million, primarily because the reserve return rate declined by 61 basis points. Other revenue reached $207 million, including $182 million from the ARC token presale. Net income from continuing operations was $226 million, up 5%.
OrangeX.com Analysis
Our reading is that greater network activity does not automatically translate into proportionate recurring earnings. Transaction volume is not revenue, and presale proceeds should be distinguished from reserve income when assessing the quarter’s composition. Future reports will help show how revenue develops without assuming this presale contribution repeats. These historical company figures do not establish a return for USDC holders.
Related Reports
HKMA Adds 24/7 Tokenised Settlement to EnsembleTX Pilot
Hong Kong’s EnsembleTX pilot now supports 24/7 interbank settlement in tokenised central bank money. The HKMA reports 12 participating banks and 20 industry pioneers.
FASE Launch Links Scam Prevention With a Stablecoin Aid Pilot
Tether announced FASE on October 28, 2026, bringing education, survivor support and a proposed stablecoin aid pilot under one foundation.
ACI and Circle Explore USDC Settlement Alongside Colombia’s Payment Rails
ACI Worldwide and Circle announced an October 27 collaboration to demonstrate USDC settlement within existing payment operations, initially focusing on Colombia.
