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Circle revenue rises 17% as USDC ends quarter flat year over year

November 4, 2026. Circle reported $865 million in third-quarter revenue and reserve income, up 17% from a year earlier. Average USDC circulation rose 8% to $73.3 billion, while the $73.9 billion outstanding at quarter-end was unchanged year over year. Net income rose 5% to $226 million.

Why it matters

USDC is a dollar-linked stablecoin. Its balances, reserve returns and revenue-sharing arrangements help explain Circle’s business and the evolution of digital payment infrastructure. Circle reported $13.9 trillion in on-chain transaction volume, up 49%; that measure does not necessarily represent unique economic payments.

Rockstar Briefing analysis

Higher revenue alongside flat closing circulation shows that activity and outstanding stablecoin supply are different measures. The durability of revenue also depends on reserve yields and the share Circle pays distribution partners. These are analytical considerations, not earnings forecasts.

Primary source: Circle results filed with the SEC.