Circle Reports $740M in Q3 Revenue and Reserve Income, Up 66% YoY
Circle, the issuer of the USDC stablecoin, reported $740 million in combined revenue and reserve income for Q3, outperforming analyst expectations and representing a 66% increase from the same quarter a year earlier. The company’s top-line strength was driven in part by higher income on reserve assets alongside continued usage and issuance of USDC across exchanges and institutional flows.
The beat should bolster investor confidence in Circle’s business model and the resilience of USDC within the stablecoin market. Market participants will be watching whether elevated reserve yields and demand persist into 2026, and how Circle leverages the stronger cash flow for product expansion, regulatory engagement, or balance-sheet improvements.