Circle Internet Group LLC, the New York‑based issuer of the USDC stablecoin, released its third‑quarter earnings on Wednesday, showing a 17% year‑over‑year increase in total revenue and reserve income to $865 million. The filing also disclosed a workforce reduction affecting roughly 5% of employees, with associated restructuring charges of $9.1 million.

Revenue growth anchored by token presale

According to CoinGape, the bulk of the revenue lift came from the presale of ARC, the native token of Circle’s newly launched Arc blockchain, which raised $182 million and pushed “other revenue” up 627% to $207 million. Excluding this one‑off, reserve income fell to $658 million, down from $711 million a year earlier, reflecting a lower return rate on the Treasury assets backing USDC.

BeInCrypto noted that net income from continuing operations rose 5% to $226 million, while adjusted EBITDA jumped 85% to $317 million. Operating expenses, however, increased 16% to $244.9 million, and distribution costs fell to $409.2 million from $447.2 million. The company maintained its full‑year adjusted expense guidance of $570 million to $585 million, indicating that hiring levels will influence the final figure.

USDC activity and market share

Circle reported that average USDC circulation grew 8% YoY to $73.3 billion in Q3, while on‑chain transaction volume surged 49% to $13.9 trillion. Despite the growth, USDC’s share of the dollar‑stablecoin market slipped 183 basis points to 27%, according to the earnings release.

Strategic initiatives and future outlook

Beyond interest income, Circle highlighted progress in its payments network, which now processes an annualized $41.3 billion in volume, and announced a definitive agreement to acquire Singapore‑based payments platform Tazapay, pending regulatory approval in 2027. The firm reiterated its long‑term target of 40% annual USDC growth, even as current circulation remains flat year over year.

What to watch next

Analysts will monitor the impact of lower reserve yields on Circle’s profitability, the integration of Tazapay, and adoption metrics for the Arc blockchain as the company seeks to diversify revenue beyond interest earnings.