Mi Ge’s conclusion first: Circle’s third-quarter total revenue and reserve income came to $865 million, up 17% year over year, while adjusted EBITDA was $317 million, up 85%. The numbers aren’t bad, but the key point is that growth was bolstered by $182 million from the ARC token presale.
What’s more worth watching is the breakdown: average USDC in circulation was $73.3 billion, and on-chain transaction volume reached $13.9 trillion. That shows stablecoins aren’t just sitting around earning interest—they’re actually being used for payments and settlements. But interest on reserves is still the biggest contributor. Once the rate-cutting cycle begins, whether growth in scale can offset falling interest income will be next quarter’s big question.
And don’t overlook Binance’s move: it has made a $100 million equity investment in the company and renewed and expanded its partnership, promoting USDC on Binance’s global platform, with a focus on emerging markets. Stablecoin competition is shifting from how many coins are issued to whose distribution channels and use cases are broader.
Mi Ge’s view is straightforward: an earnings beat doesn’t mean you should chase the stock right away. Just keep an eye on two things—whether USDC circulation can hold steady and recover, and whether distribution costs can come down. If both stabilize, Circle’s story can shift from a bond-like stock to a growth stock. What do you think: in the stablecoin game, are distribution channels more important, or is yield? Let’s talk in the comments. #Circle第三季度营收8.65亿美元
What’s more worth watching is the breakdown: average USDC in circulation was $73.3 billion, and on-chain transaction volume reached $13.9 trillion. That shows stablecoins aren’t just sitting around earning interest—they’re actually being used for payments and settlements. But interest on reserves is still the biggest contributor. Once the rate-cutting cycle begins, whether growth in scale can offset falling interest income will be next quarter’s big question.
And don’t overlook Binance’s move: it has made a $100 million equity investment in the company and renewed and expanded its partnership, promoting USDC on Binance’s global platform, with a focus on emerging markets. Stablecoin competition is shifting from how many coins are issued to whose distribution channels and use cases are broader.
Mi Ge’s view is straightforward: an earnings beat doesn’t mean you should chase the stock right away. Just keep an eye on two things—whether USDC circulation can hold steady and recover, and whether distribution costs can come down. If both stabilize, Circle’s story can shift from a bond-like stock to a growth stock. What do you think: in the stablecoin game, are distribution channels more important, or is yield? Let’s talk in the comments. #Circle第三季度营收8.65亿美元