Circle’s latest results show two connected stories: on-chain USDC activity grew, while the company pushed further into cross-border payments. But the headline growth figures have different drivers—and should not be read as interchangeable.

### USDC activity accelerated

Circle reported $13.9 trillion in USDC on-chain transaction volume for Q3, up 49% year over year. Average USDC in circulation was $73.3 billion, up 8%. Transaction volume measures activity onchain; it is not the same as outstanding supply or a count of unique users.

Total revenue and reserve income reached $865 million, up 17%. Net income from continuing operations was $226 million, up 5%, while adjusted EBITDA was $317 million, up 85%.

The mix matters. Circle said reserve income was $658 million, down 8%, as its reserve return rate fell 61 basis points to 3.5%. Other revenue rose to $207 million, with $182 million coming from a private presale of Arc’s native token. That presale was a major contributor to the adjusted-EBITDA increase, so the jump should not be read as a comparable acceleration in recurring USDC reserve earnings.

### Payments reach broadens

Circle said its Payments Network reached $41.3 billion in annualized total payment volume. It also signed a definitive agreement to acquire Tazapay, a Singapore-based B2B cross-border payments platform. The deal is expected to close in 2027, subject to regulatory approvals; it has not closed.

The company’s release also says eligible U.S. Samsung Wallet users can send USDC to qualifying bank accounts in more than 60 countries, with payouts in local currency. Circle said Visa Direct’s stablecoin prefunding moved from pilots to commercial deployment for eligible clients across more than 180 countries. These are company-reported rollout details, and access depends on eligibility and the relevant service providers.

The wider picture is a payments-and-infrastructure strategy alongside stablecoin issuance: faster growth in on-chain transaction activity, moderate growth in average circulation, and new distribution channels. The release does not establish that transaction volume directly translates into new users or equivalent revenue growth.

Sources: [Circle’s Q3 release](https://www.businesswire.com/news/home/20261104960710/en/Circle-Reports-Third-Quarter-2026-Results) · [CoinDesk’s independent results coverage](https://www.coindesk.com/business/2026/11/04/circle-beats-earnings-and-revenue-estimates-on-soaring-usdc-transaction-volume)

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