Growth came from more than reserve interest
Reserve income was $658 million, down 8% year on year as the return earned on reserve assets declined. Other revenue rose sharply to $207 million, including $182 million connected with the ARC token presale.

The split matters because stablecoin issuers have traditionally depended heavily on the interest earned from cash and short-term government securities. A wider revenue base can reduce that dependence, although token-related income may not repeat at the same level every quarter.
USDC circulation and usage moved at different speeds
Average USDC in circulation increased 8% to $73.3 billion. Circle said onchain transaction volume rose 49%, showing that the same pool of tokens can support more transfers without an equal rise in supply.
Higher activity does not mean every transfer represents a payment for goods or services. Trading, settlement, treasury movements and transfers between platforms are all included in onchain volume.
| Metric | Q3 2026 | Year-on-year change |
|---|---|---|
| Revenue and reserve income | $865 million | +17% |
| Net income | $226 million | +5% |
| Adjusted EBITDA | $317 million | +85% |
| Average USDC circulation | $73.3 billion | +8% |
Profitability improved despite a lower reserve yield
Net income from continuing operations reached $226 million, up 5%. Adjusted EBITDA increased 85% to $317 million, according to the company’s results published on 4 November.
The reserve return rate fell by 61 basis points from a year earlier. Circle partly offset that pressure through the size of USDC balances and revenue from newer products.

The next test is recurring demand
Investors will watch whether transaction growth produces repeatable platform revenue rather than a one-quarter boost. The mix between tokens held at Circle, Coinbase and other platforms also affects distribution costs and margins.
The report shows a stablecoin network with growing use, but it also shows why interest rates remain important. Lower yields can reduce reserve income even when circulation rises.
This article is for information only and is not investment advice.




