The November release covers the September quarter

Circle reported third-quarter results on 4 November 2026 for the period ended 30 September. Total revenue and reserve income reached $865 million, up 17% from a year earlier, while net income from continuing operations was $226 million. The growth headline conceals different movements in the businesses contributing to that total.

Reserve income fell 8% to $658 million. Circle attributed the decline primarily to a lower reserve return rate, partly offset by growth in average USDC circulation. Other revenue reached $207 million, including $182 million from an ARC token presale. That disclosed revenue category is relevant to the earnings comparison; it is not a recommendation to purchase a network token.

More stablecoins do not automatically mean more interest income

Average USDC circulation rose 8% year over year to $73.3 billion. Yet a larger average reserve base can earn less when the return available on reserve assets falls sufficiently. The release therefore provides a concrete example of why token adoption and issuer profitability need separate explanations.

For readers comparing stablecoin companies, the useful question is how much of the reported change comes from balances, how much from the return on those balances and how much from other activities. A single revenue growth percentage cannot establish that the underlying interest-income engine expanded. It can combine recurring activity with revenue from a different type of transaction.

Costs and adjusted earnings require their own bridge

Circle reported adjusted EBITDA of $317 million, up 85%. Its release connects that increase to presale revenue and lower distribution costs, partly offset by investment in new products. Adjusted EBITDA is a company-defined non-GAAP measure; the financial tables provide a reconciliation for readers comparing it with net income.

The analytical distinction is consequential. Revenue earned on reserves is not the same as revenue retained after distribution arrangements and operating costs. Equally, an increase in adjusted earnings does not show that every contributing revenue stream will recur at the same pace. Assessing persistence requires following the components through subsequent quarters.

What the disclosure establishes for USDC users

These are issuer financial results, not a new set of redemption terms for every holder. A corporate earnings figure does not answer which intermediary owes a customer money, which account can redeem directly or how a particular exchange processes withdrawals. Those operational questions require the relevant service documents.

The next results will help show whether growth in circulation offsets lower reserve returns and whether non-reserve revenue develops beyond this quarter's mix. For now, the verified finding is narrower: Circle's aggregate revenue grew while reserve income declined. Treating those two outcomes separately gives a clearer view of the business than attributing all growth to stablecoin usage.

Photograph and reuse credit

Archival photograph of Circle co-founder and CEO Jeremy Allaire at MoneyConf in Dublin, 13 June 2018; not the November 2026 earnings event. Photograph: Eóin Noonan/MoneyConf via Sportsfile. Licensed under CC BY 2.0. Image unchanged. Source: https://commons.wikimedia.org/wiki/File:Jeremy_Allaire_at_MoneyConf_2018_%282%29.jpg. Licence: https://creativecommons.org/licenses/by/2.0/

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Researched and published by CryptoGov Editorial Desk. Source publication and effective dates are explained in the article where relevant.