How did ARC presale lift Q3 revenue despite an 8% drop in Circle’s reserve income?

• Despite an 8% fall in reserve income, Circle posted Q3 revenue of $865 million.
• USDC recorded a 49% increase in onchain transaction volume to $13.9 trillion during the quarter, alongside an 8% rise in average circulating supply to $73.3 billion.
• With support from lower distribution costs and $182 million in ARC token presale revenue, adjusted EBITDA surged 85% to $317 million.

An earnings boost from the $182 million ARC token presale outweighed weaker reserve income at Circle (CRCL), which announced higher revenue in its Q3 earnings update on Wednesday.

How did the ARC presale lift Circle's Q3 revenue and earnings?

Total revenue and reserve income for Q3 stood at $865 million, a 17% year-on-year increase, according to the stablecoin issuer. Adjusted EBITDA rose 85% to $317 million, while net income from continuing operations grew 5% to $226 million.

Lower distribution costs and revenue from the presale of its blockchain ARC token partly drove the rise in adjusted EBITDA, Circle said. Including the presale's $182 million contribution, revenue from "other" sources jumped 627% YoY to $207 million. In contrast, reserve income declined 8% to $658 million as a lower reserve return rate partly counterbalanced growth in average USDC circulation.

A 49% rise took USDC onchain transaction volume to $13.9 trillion during the quarter. Average USDC in circulation stood at $73.3 billion, an 8% YoY increase.

Circle CEO Jeremy Allaire said, “In Q3, we saw continued proof that institutions are building and expanding on USDC,”

Among the key Q3 milestones highlighted by Allaire were Binance's renewed partnership with Circle, Visa's shift to commercial stablecoin prefunding and Tereina's integration of USDC and EURC into the SAP ecosystem. Annualised total payment volume on the Circle Payments Network reached $41.3 billion during the quarter, the company added.

On 16 September, Circle also rolled out the Arc blockchain's public mainnet, with more than 100 institutional and ecosystem builders taking part from launch. For Allaire, the network provides infrastructure to develop “the next generation of financial applications.”

How do Circle's Q3 results build on strong H1 revenue?

Circle's latest figures follow its first-half performance in 2026. In previous reporting, the company disclosed revenue of approximately $1.4 billion and USDC onchain transaction volume of more than $36 trillion.

During that period, Circle said USDC minting and redemptions exceeded $315 billion, with a daily average of $1.7 billion. USDC distribution partners and transaction costs accounted for 59 cents of every dollar of H1 revenue, amounting to about $819 million, the company added.

Up 1.7% for the day, CRCL is trading at $76.5.