Circle Payments Network Hits $41.3B Annualized Volume in Q3

The revenue-retention figure is the more telling number here: it shows how much of Circle's economics survives distribution costs, and the lift from ARC token sales suggests that mix is still shifting. The pending Tazapay deal points to a strategy of owning more of the local payout layer rather than just the settlement rail. Whether retention holds once token-sale support fades, and whether the acquisition closes, are the open questions worth watching.