Circle’s Q3 revenue reaches $865M as USDC activity expands

Circle reported third-quarter revenue of $865 million, up 17% from a year earlier, according to Blockonomi, Unchained, Crypto.news, The Block and Decrypt. The result places substantial revenue growth alongside continued expansion of USDC, Circle’s dollar-denominated stablecoin, and the rollout of payment infrastructure intended to increase its use in global transactions. The Block characterized the $865 million figure as revenue and reserve income, while the other outlets described it directly as quarterly revenue.

The growth was supported by several businesses and usage measures. Crypto.news reported that Arc went live and that $182 million from the Arc token presale helped offset lower reserve returns. Blockonomi separately said USDC’s average circulation reached $73.3 billion during the quarter and transaction volume grew 49% year over year. It also reported adjusted EBITDA growth of 85%, net income of $226 million and a 4.36% increase in Circle shares following the results.

The earnings disclosures also documented a workforce reduction affecting approximately 5% of employees, a figure corroborated by Unchained, The Block and Decrypt. Decrypt reported that Circle booked $9.1 million in restructuring costs as reserve income fell 8%. Crypto.news likewise connected the quarter’s performance to weaker reserve returns. These disclosures add context to the revenue increase: expansion and presale-related income coincided with lower income from reserves and organizational restructuring.

Blockonomi presented the widest operational picture, including Circle’s effort to extend global payments through Arc, Binance and its planned Tazapay acquisition. Arc’s live deployment and the token presale were also highlighted by Crypto.news, while the workforce cuts appeared in the earnings-release coverage from Unchained, The Block and Decrypt. Apart from Blockonomi’s additional EBITDA, net-income, circulation and transaction-volume figures, the five outlets were aligned on the principal revenue and workforce numbers.

Live market data show USDC trading at $0.999486, up 0.01% over 24 hours and 0.02% over seven days, with a reported market capitalization of $70.54 billion. DeFiLlama’s verified circulating supply stood at $70.84 billion, below Blockonomi’s $73.3 billion average for the reporting period; the figures reflect a live supply reading rather than a quarterly average. The broader crypto market capitalization was $2.69 trillion, Bitcoin rose 1.30% over 24 hours, and the Fear & Greed Index registered 34, indicating a Fear reading.

The results put USDC scale and payment expansion alongside two pressures visible in the disclosures: declining reserve income and restructuring costs. The next reporting period will show whether revenue associated with Arc and broader payment activity continues to accompany the stablecoin’s growth, while updated circulation and transaction figures will indicate whether the operating metrics cited by Blockonomi persisted. The planned Tazapay acquisition and continued execution across Arc and Binance also remain parts of Circle’s stated payments strategy.