Circle’s USDC Transaction Volume Rises 49% Even as Reserve Income Faces Pressure
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Circle reported $13.9 trillion in USDC onchain transaction volume for Q3 2026, a 49% year-over-year increase, even as average USDC circulation and reserve income came under pressure. The surge in stablecoin settlement activity underscores USDC's role as core payments infrastructure across chains, though Circle's revenue model remains tied to interest earned on reserves, which faces headwinds from lower rates and shifting circulation. Investors will watch whether transaction volume growth can offset reserve-income compression and how USDC circulation trends evolve next quarter.
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Circle (CRCL), USDC
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