Circle Internet Group (CRCL) reported $865 million in total revenue and reserve income for Q3 2026, a 17% year-over-year increase, according to the company's financial report. The quarter saw growth in USDC adoption, transaction activity, revenue and profitability compared with the same period last year.
USDC metrics
The average amount of USDC in circulation reached $73.3 billion, up 8% year-over-year. On-chain transaction volume for USDC surged 49% to $13.9 trillion.
Reserve income and other revenue
Circle generated $658 million in reserve income, down 8% from the previous year. The company attributed the decline primarily to a lower reserve return rate of 3.5%, compared with a rate 61 basis points higher a year earlier. Reserve income comes from investing the reserves backing USDC, primarily in cash and short-term U.S. government securities.
Other revenue increased significantly to $207 million, largely due to the ARC token presale, which contributed $182 million.
Q3 developments
- Arc's public mainnet launched on September 16, 2026. Arc is Circle's Layer-1 blockchain designed to support financial applications, payments and institutional transactions.
- Circle signed a definitive agreement to acquire Singapore-based cross-border payments platform Tazapay. The deal is expected to close in 2027, subject to regulatory approvals.
- Binance announced a $100 million equity investment in Circle and renewed its strategic partnership to promote USDC adoption.
- Visa moved its USDC-based stablecoin prefunding solution from pilot testing to commercial deployment.
- Samsung Wallet introduced USDC-based international payment capabilities for eligible US users.
Circle's stock was trading at $76.12 after a 1.17% gain in the past trading session.
Headwinds remain
Tether's USDT continues to account for the largest share of overall stablecoin transaction activity. According to Visa on-chain analytics, USDT recorded $763.77 billion from July to September 2026, compared with $123.73 billion for USDC during the same period.
Q4 has started on a weak note, with the stablecoin market cap struggling to cross $310 billion, suggesting limited liquidity across the crypto market.
The European Banking Authority has designated Circle's USDC as the first major e-money token under the EU's MiCA framework. Starting November 12, 2026, Circle will face stricter supervisory requirements, with the EBA monitoring its capital, reserves, liquidity and redemption guarantees.
