Circle Internet Group Inc., whose affiliates issue USD Coin (USDC), reported a 17% rise in combined revenue and reserve income for Q3 2026, with an ARC token presale lifting other revenue.
For the three months ended Sept. 30, 2026, the combined total was $864.888 million, compared with $739.759 million in Q3 2025. Net income from continuing operations was $226.012 million, up from $214.385 million a year earlier. Adjusted EBITDA, a non-GAAP measure, rose 85% to $316.662 million.
Other revenue reached $207.264 million, up from $28.518 million. Circle's Q3 filing said $181.8 million came from an ARC token presale; lower subscription and services revenue partly offset the increase. Reserve income fell 7.5% to $657.624 million. Circle reported a 3.5% reserve return rate, down 61 basis points year over year, and said lower average yields drove the decline, while growth in average USDC circulation partly cushioned it.
Average USDC in circulation rose 8% to $73.3 billion. The quarter-end amount was $73.9 billion, unchanged from a year earlier, while USDC onchain transaction volume increased 49% to $13.9 trillion.
Circle disclosed a workforce reduction of about 5% and recorded $9.145 million in restructuring expenses during the quarter. The company said it was adjusting staffing to fit its operating approach and strategic priorities. The charge largely covered severance and notice-period pay, employee benefits and related expenses.
Circle co-founder, CEO and chairman Jeremy Allaire said, “institutions are building and expanding on USDC.” The company left its 2026 guidance unchanged: $310 million to $330 million in other revenue, a 41.7% to 43.7% revenue-less-distribution-costs margin, and $570 million to $585 million in adjusted operating expenses. The other-revenue outlook includes recognized ARC token presale revenue.
