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Circle tops Q3 forecasts with $865 million in revenue and reserve income, but quietly cuts about 5% of its staff
Summary
USDC issuer Circle reported $865 million in third-quarter revenue and reserve income, up 17% from a year earlier, and net income from continuing operations of $226 million, up from $214.4 million, CoinDesk, The Block and Decrypt reported.
CoinDesk said the results beat analysts' estimates, with adjusted earnings of 84 cents a share against a 37-cent forecast and revenue above the $778 million expected.
A footnote in the earnings tables disclosed that Circle cut roughly 5% of its workforce and booked $9.1 million in restructuring costs, mainly severance and notice-period pay; the company did not say how many people were affected.
Much of the growth came from $182 million recognized from the presale of ARC, the token of Circle's Arc blockchain, while reserve income, its largest revenue source, fell 8% to $658 million as rates on its reserves declined, The Block and Decrypt reported.
Circle shares were down about 1.2% at $74.33 in premarket trading after the release, CoinDesk reported.
Key facts
- Onchain USDC transaction volume rose 49% year over year to $13.9 trillion in the quarter.
- USDC averaged $73.3 billion in circulation in Q3, up 8% from a year earlier, but ended the quarter flat at $73.9 billion, and Circle said its stablecoin market share slipped to 27%.
- Adjusted EBITDA rose 85% to $317 million, which Circle attributed to the ARC presale revenue and lower distribution costs.
- Circle said the job cuts were designed to "better align our organizational structure with our operating model and strategic priorities"; it had about 1,100 employees at the end of 2025, per its annual report.
- CEO Jeremy Allaire did not mention the job cuts in his comments on the results, and said USDC carried 79% of all stablecoin transaction volume, up from 66% a year earlier.
- Circle kept its full-year 2026 guidance, including $310 million to $330 million in other revenue.