Circle’s Q3 earnings show USDC getting busier even as crypto cooled
Reading sizeRead report ↓
Loading image
Circle's Q3 results highlight USDC's growing dominance in stablecoin transactions, indicating a maturing business and strategic partnerships.
Circle official brand assets (circle.com)
Revenue rose 17% and adjusted EBITDA jumped 85% as USDC on-chain volume hit $13.9 trillion
Mon 9 Nov 2026 · 15:07 EST · 2 min read
In Crypto
Share
Crypto markets spent the third quarter in a softer mood. USDC apparently didn’t notice.
Circle reported Q3 revenue and reserve income of $865 million, up 17% year over year. Adjusted EBITDA climbed 85% to $317 million.
Usage, more than headline growth, is the most telling part of the report. USDC’s on-chain transaction volume surged 49% to $13.9 trillion.
The numbers behind the quarter
Circle’s revenue and reserve income reached $865 million, a 17% increase from the same quarter a year earlier.
Adjusted EBITDA hit $317 million, an 85% jump year over year.
USDC’s average circulation in the quarter was $73.3 billion, up 8% year over year. By quarter’s end, circulation stood at approximately $74 billion.
Small share of supply, big share of the action
The most striking figure in Circle’s report is a ratio. USDC handled 79% of stablecoin transaction volume while representing roughly 27% of stablecoin supply.
Circulation grew 8%. Volume grew 49%.
Institutions keep pulling up a chair
Circle’s quarter also leaned on a growing roster of big-name partners. The company has worked with SAP, Visa, and Binance, which together span enterprise software, card payments, and crypto trading.
What this means for Circle and the stablecoin race
For investors watching Circle, the headline takeaway is margin expansion. An 85% rise in adjusted EBITDA on 17% revenue growth suggests the business is maturing.
A meaningful part of the business model rests on the reserves backing USDC, so growth in circulation remains an important lever even when transaction activity is the flashier stat.
On the competitive front, the 79% versus 27% split shows USDC has carved out a dominant role in actual stablecoin transactions, but it also shows that most of the stablecoin supply still sits elsewhere.
The partnerships with SAP, Visa, and Binance are the other variable to track. Enterprise and payments integrations take time to show up in the numbers.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
