Circle’s third-quarter results are out: total revenue plus reserve income was $865 million, up 17% year over year. USDC’s average daily circulation for the quarter was about $73.3 billion, with $73.9 billion at quarter-end; on-chain transaction volume was $13.9 trillion, up 49% year over year.
Don’t focus only on total revenue. Of the $207 million in other income, about $182 million came from the one-time ARC token presale. Reserve income was $658 million, still down 8% year over year as interest rates fell. The numbers look good, but that doesn’t mean surging float has already driven all of the profits.
If USDC circulation falls back below $70 billion within two weeks, or other income drops significantly next quarter while reserve income continues to decline, treat this as a presale pulse—not as evidence that USDC’s fundamentals have shifted gears. Snapshot at around 20:02 Beijing time; Binance USDC at about $1.001.
$USDC
#USDC #Circle #Stablecoin
Don’t focus only on total revenue. Of the $207 million in other income, about $182 million came from the one-time ARC token presale. Reserve income was $658 million, still down 8% year over year as interest rates fell. The numbers look good, but that doesn’t mean surging float has already driven all of the profits.
If USDC circulation falls back below $70 billion within two weeks, or other income drops significantly next quarter while reserve income continues to decline, treat this as a presale pulse—not as evidence that USDC’s fundamentals have shifted gears. Snapshot at around 20:02 Beijing time; Binance USDC at about $1.001.
$USDC
#USDC #Circle #Stablecoin
