TREE NEWS update: Circle reported Q3 revenue and reserve income of $865 million, up 17% year over year and a quarterly record, helped by $182 million in confirmed ARC token presale revenue. Reserve income fell 8% to $658 million as the reserve return rate dropped to 3.5%, while net income from continuing operations was $226 million and diluted EPS rose 31% to $0.84. USDC average circulation fell 4.2% to $73.3 billion, though on-chain volume rose 49% to $13.9 trillion.
Circle Q3 revenue hits record $865M on $182M ARC token presale
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AI take
The headline record is doing less work than it appears: reserve income, the core earnings engine, fell as the return rate compressed, and USDC average circulation also declined. That the top line still grew points to the ARC presale and rising on-chain volume carrying the quarter rather than balance-sheet growth. For a stablecoin issuer, the divergence between falling circulation and surging transaction volume is the more telling signal about where the franchise is heading. Whether reserve income stabilizes as rates ease, and whether USDC circulation recovers, are the open questions.
Generated by AI for reference only.
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