Circle Q3 revenue $864.9M, beats $776.7M estimate; net income $226M

The scale of the beats — particularly adjusted EBITDA and net income roughly doubling or more than doubling estimates — suggests Circle's reserve-income economics are proving more resilient than the market had modeled, which matters for the broader stablecoin sector's credibility as a revenue-generating business. The maintained guidance, rather than an upward revision, is the more telling signal: management is not extrapolating a strong quarter into a stronger outlook. Whether that conservatism reflects caution on rate-sensitive reserve income or simply standard practice is the open question worth watching.