Circle Q3 2026: Revenue up 17% to $865M but here's the catch
YoY on-chain tx volume +50% yet net income only +5% to $226M. Why? $USDC reserve income is bleeding.
They're pivoting hard:
• $182M from $ARC token presale (inflating that revenue line)
• 5% workforce cut
• Pushing Arc blockchain + payments infra
Translation: Stablecoin margins compressing. They're hunting new revenue streams while trimming fat.
Adjusted EBITDA +85% sounds bullish until you realize they're counting presale cash. Real question: Can Arc + Tazapay offset the $USDC margin decay?
Watch reserve income trends. If that keeps falling, Circle's forced to sell you more products.
YoY on-chain tx volume +50% yet net income only +5% to $226M. Why? $USDC reserve income is bleeding.
They're pivoting hard:
• $182M from $ARC token presale (inflating that revenue line)
• 5% workforce cut
• Pushing Arc blockchain + payments infra
Translation: Stablecoin margins compressing. They're hunting new revenue streams while trimming fat.
Adjusted EBITDA +85% sounds bullish until you realize they're counting presale cash. Real question: Can Arc + Tazapay offset the $USDC margin decay?
Watch reserve income trends. If that keeps falling, Circle's forced to sell you more products.