Circle reported its Q3 results today. The numbers look shiny on the surface, but the underlying picture is chilly: revenue was $865 million, up 17% year over year; net income was $226 million, up 5%; and adjusted EBITDA was $317 million, up 85%—all quarterly records. But $182 million came from the ARC token presale, while core reserve revenue actually fell 8% to $658 million. USDC's circulating supply stood at $73.9 billion at quarter-end, flat year over year, and its market share slipped to 27%. Binance's $100 million investment plus a five-year renewal locks in distribution across emerging markets. On-chain transaction volume of $13.9 trillion, up 49% year over year, is real—but the stock still fell just over 3% in premarket trading after the earnings report came out. In the stablecoin business, the bigger the scale, the thinner the profit on every dollar earned.#稳定币 #Circle