Circle reported third-quarter revenue of $865 million, up 17% year over year, and adjusted EBITDA up 85%. The numbers aren’t bad, but the stock rose only 3% premarket, suggesting the market had already priced in expectations.

What really propped up profits was other revenue, at $207 million, up 627% year over year, including $182 million from the ARC token presale. Reserve income, by contrast, fell 8% year over year—the interest income pillar is weakening.

$USDC The stablecoin business is holding steady: average circulation was $73.3 billion, on-chain transaction volume reached $13.9 trillion, up 49% year over year, and market share was 27%. Volume is growing, but it’s not making much more money—that’s the reality of the stablecoin business.

Going forward, watch two things: whether reserve income can stop declining, and whether one-off revenue like the ARC presale can continue.

#稳定币 #cryptocurrency