Circle Internet Group reported $865 million in third-quarter 2026 revenue and reserve income on November 4, a 17% increase from a year earlier, as 
USDC market price and chart transfer activity expanded and the company recognized revenue linked to its Arc token presale. The stablecoin issuer reported $226 million in net income from continuing operations, up 5%, and $317 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), up 85%.
According to Circle’s results filed with the US Securities and Exchange Commission, average USDC in circulation reached $73.3 billion, an 8% year-over-year increase. The balance at quarter-end was approximately $73.9 billion, broadly unchanged from the comparable period. Those two measures describe different things: one captures the average supply across three months, while the other measures supply on a single date.
USDC transactions rose 49% during the quarter
Circle reported $13.9 trillion in on-chain USDC transaction volume, 49% higher than in the third quarter of 2025. Transaction volume includes repeated transfers of the same units, so it should not be read as new money deposited into USDC or direct revenue earned by Circle. It nevertheless shows that the stablecoin was being used more frequently across supported blockchain networks.
Circle also said its Payments Network reached an annualized total payment volume run rate of $41.3 billion. This is an annualized activity measure, not revenue booked in the quarter. The company announced a definitive agreement to acquire Singapore-based B2B cross-border payments platform Tazapay, with completion expected in 2027 subject to regulatory approvals.
Arc token sales contributed significantly to earnings
A notable distinction in the filing is the mix of revenue. Reserve income fell 8% to approximately $658 million, reflecting a lower reserve return rate. Other revenue rose to $207 million and included approximately $182 million associated with the Arc token presale. That contribution accounted for a substantial share of the reported improvement.
Circle reported $453 million in revenue less distribution costs, up 55% from a year earlier. Excluding the Arc token contribution, the figure was about $271 million, according to the company’s earnings materials. Similarly, adjusted EBITDA was approximately $135 million excluding Arc-related revenue, compared with the headline $317 million figure. These distinctions matter for assessing how much of the quarter’s performance may recur.
Adjusted EBITDA is a non-GAAP measure and does not replace net income under standard accounting rules. Circle provided a reconciliation and definitions in its SEC-filed earnings release. Investors should consider both sets of measures rather than treating the adjusted figure as cash available to shareholders.
Payments expansion remains a central strategy
Circle’s results show two business lines developing at different speeds: stablecoin circulation and reserve earnings on one side, payment services and infrastructure projects on the other. Its cross-chain infrastructure plans are part of that wider effort to support businesses using digital assets for settlement.
The next important indicators will be USDC supply, reserve yields, distribution costs and whether growing payment activity becomes sustainable revenue. A jump in transaction volume alone cannot demonstrate stronger profitability, particularly while interest rates and one-off token-related proceeds affect reported earnings.
Circle’s USDC is designed to maintain a one-dollar value, but stablecoin users still face issuer, reserve, operational and blockchain risks. The quarterly report provides company disclosures rather than an independent audit of every transaction or a guarantee of future results.
