Circle's Q3 revenue and reserve income reached $865 million

Circle reported $865 million in Q3 2026 revenue and reserve income, up 17% year-over-year, with $226 million in net income from continuing operations, up 5%. Reserve income fell 8% to $658 million, while other revenue reached $207 million, including $182 million from an ARC token presale, and adjusted EBITDA rose 85% to $317 million. USDC average circulation grew 8% to $73.3 billion, and on-chain transaction volume jumped 49% to $13.9 trillion. The results matter because they show Circle's stablecoin business expanding transaction activity even as interest-based reserve income declines, shifting the revenue mix toward other sources. Watch whether USDC circulation growth accelerates and whether reserve income stabilizes as the ARC token presale contribution flows through future quarters.