Circle Internet Group reported a third-quarter average of $73.3 billion in USD Coin (USDC) circulation, an 8% annual increase; reserve income declined 7.5% as average yields fell.
Circle's third-quarter filing put reserve income at $657.624 million. That income comes from assets backing USDC, so lower yields weighed against the support from higher average circulation. Circle attributed the decline to lower average yields and said circulation growth partly cushioned it.
The company's reserve return rate was 3.5%, down 61 basis points, or 0.61 percentage point, from a year earlier. Average USDC circulation measures the quarter as a whole; the balance at Sept. 30 was $73.9 billion, unchanged from a year earlier.
On-chain transaction volume climbed 49% to $13.9 trillion. The circulation and transaction figures show higher average USDC balances alongside increased activity on the network during the quarter.
Combined revenue and reserve income totaled $864.888 million, up 17% year over year. The total included $181.8 million from an ARC token presale, according to Circle's filing. EconoTimes previously covered Circle's combined third-quarter results.
