Circle’s revenue grew 17% year over year, entirely propped up by a one-time token sale.
Of the $865 million in total revenue @circle reported tonight for Q3, $182 million came from the ARC token presale—a one-time source of revenue that won’t recur next quarter.
The core business is shrinking: reserve revenue was $658 million, down 8% year over year. The main reason is that the reserve yield fell to 3.5%. As interest rates decline, so does interest income from USDC.
Excluding the presale, total revenue was about $683 million. The same quarter last year brought in $740 million, meaning revenue was down about 8% year over year.
Scale hasn’t increased either: USDC in circulation at quarter-end was $73.9 billion, unchanged year over year.
The guidance from @jerallaire’s team remains unchanged in the same earnings report: the long-term target for USDC circulation is still 40% compound annual growth.
$USDC
Of the $865 million in total revenue @circle reported tonight for Q3, $182 million came from the ARC token presale—a one-time source of revenue that won’t recur next quarter.
The core business is shrinking: reserve revenue was $658 million, down 8% year over year. The main reason is that the reserve yield fell to 3.5%. As interest rates decline, so does interest income from USDC.
Excluding the presale, total revenue was about $683 million. The same quarter last year brought in $740 million, meaning revenue was down about 8% year over year.
Scale hasn’t increased either: USDC in circulation at quarter-end was $73.9 billion, unchanged year over year.
The guidance from @jerallaire’s team remains unchanged in the same earnings report: the long-term target for USDC circulation is still 40% compound annual growth.
$USDC
