Circle Internet Group LLC (NYSE:CRCL), the issuer of the USDC stablecoin, reported third-quarter revenue and reserve income of $865 million, a 17% increase year-over-year. The company also announced a workforce restructuring that will affect 5% of its staff, with the associated costs restated as restructuring charges in its earnings release on Wednesday.
Revenue and USDC Activity
The $865 million figure represents revenue and reserve income, not net profit. Net income from continuing operations was $226 million, up 5% from the prior year, while adjusted EBITDA rose 85% to $317 million.
Average USDC circulation increased 8% year-over-year to $73.3 billion in the third quarter. At the end of the first quarter, USDC circulation stood at $73.9 billion, the same level as a year earlier.
Onchain USDC transaction volume rose 49% year-over-year to $13.9 trillion. The company created and redeemed a total of $104 billion in USDC. Circle accounted for 27% of the stablecoin market share, a decrease of 183 basis points from the previous year.
Reserves declined by 8% to $658 million. Circle attributed the reduction primarily to a decline in its reserve return rate of 61 basis points. The company said the increase in average USDC circulation was partially offset by an increase in the number of pages in the supplement.
Other revenue jumped 627% to $207 million, driven by the token presale of ARC, which raised $182 million. Revenue minus distribution costs increased 55% to $453 million.
Workforce Reduction
Circle said the workforce cut is intended to streamline its organizational structure to match its operating model and strategic priorities. Restructuring costs consisted mainly of termination costs, including notice payments, severance payments, employee benefits, and related costs. The company recorded $9.145 million in restructuring costs for the quarter.
Payments and Blockchain Developments
Circle reported that the annualized total payment volume of its Circle Payments Network grew to $41.3 billion. The company released its public mainnet, Arc, on September 16, with over 100 institutional and ecosystem builders joining the network from the start.
Circle also entered into a definitive agreement to acquire Singapore-based payments platform Tazapay. The transaction is expected to close in 2027, subject to regulatory approval.
