Circle’s Q3 earnings were awkward: revenue was $865 million, but excluding non-core revenue, it was down 8% year over year. Although on-chain transaction volume surged 49%, USDC’s market share fell to 27%. Booming transaction activity doesn’t necessarily mean profits—competitors are aggressively taking market share, and the fundamental growth story is starting to unravel.

$USDC #Circle #DeFi