Circle beat its Q3 earnings forecast by a mile today, and a big piece of the beat came from selling its own token.
$182M of revenue came from the ARC presale. Interest on $USDC reserves, the thing that normally pays Circle's bills, fell 8% to $658M as rates came down.
How I'd explain it to the group chat: the stablecoin company earned less on stablecoins and still beat estimates, with a lot of help from a token sale. Adjusted EPS came in at 84 cents against 37 expected.
USDC itself is growing, with about 8% more in circulation than a year ago. Each dollar just earns less when rates drop.
Same release, one footnote down: about 5% of staff cut, $9.1M in restructuring costs.
Binance also put $100M into Circle this quarter, so the big money is still leaning into dollar stablecoins.
A presale only sells once. Next quarter, USDC has to carry the number by itself.
#Circle #Stablecoins
NFA. DYOR.
$182M of revenue came from the ARC presale. Interest on $USDC reserves, the thing that normally pays Circle's bills, fell 8% to $658M as rates came down.
How I'd explain it to the group chat: the stablecoin company earned less on stablecoins and still beat estimates, with a lot of help from a token sale. Adjusted EPS came in at 84 cents against 37 expected.
USDC itself is growing, with about 8% more in circulation than a year ago. Each dollar just earns less when rates drop.
Same release, one footnote down: about 5% of staff cut, $9.1M in restructuring costs.
Binance also put $100M into Circle this quarter, so the big money is still leaning into dollar stablecoins.
A presale only sells once. Next quarter, USDC has to carry the number by itself.
#Circle #Stablecoins
NFA. DYOR.
