Circle: $226 million profit in third quarter, but positions cut

Revenues up, staff numbers down. Circle published on November 4 $865 million in revenue and reserve income in the third quarter of 2026, up 17% year-on-year. The USDC issuer also posted net income from continuing operations of $226 million, up 5%.

These results benefit in particular from the pre-sale of the ARC token. At the same time, a note of the financial tables reveals a reduction of around 5% in staff numbers. Dive into the accounting of the stablecoin giant in dollars.

Key Points

Circle has $865 million in revenue and reserve proceeds, including $182 million related to the ARC presale.

Adjusted EBITDA reached $317 million, up 85% year-over-year.

The company reduced its workforce by about 5% and recorded $9.1 million in restructuring charges.

USDC ends the quarter with $73.9 billion in circulation, flat year-over-year.

Circle benefits from ARC presale and reduces its workforce

The progression of results is partly based on the diversification of income. Of the $207 million in other revenue recorded in the third quarter, $182 million came from the presale of the ARC token. This contribution represents approximately 21% of revenues and reserve products for the period.

Circle attributes its adjusted EBITDA increase to $317 million to this pre-sale and lower distribution costs. The latter, grouped with transaction costs and other associated fees, fell by 8%, to $412 million. Conversely, operating expenses increased by 16%, to 245 million.

In the notes accompanying the tables, the company indicates having eliminated around 5% of its workforce, without specifying the number of positions affected. It justifies this decision by the desire to better align its organization with its operational model and its strategic priorities.

Restructuring charges reached $9.1 million, mainly for notice pay, severance pay and associated benefits. Circle excludes them from the calculation of its adjusted EBITDA.

Reserve revenue declines despite increased USDC activity

Reserve income remains Circle's primary source of revenue. However, it decreased by 8% over one year, to $658 million. The reserve yield reaches 3.5%, a drop of 0.61 percentage points, which the increase in average USDC circulation does not fully offset.

This increased by 8%, to $73.3 billion over the quarter. On the other hand, the 73.9 billion in circulation at the end of September remain stable over twelve months. The market share stands at 27%, according to the scope of dollar-backed stablecoins used by Circle.

USDC transaction volumes on blockchain increase 49%, to $13.9 trillion. This indicator measures transfer activity, without corresponding only to the amount of commercial payments.