Circle $CRCLB revenue of 865 million, +17%.
Reserve income, by contrast, fell 8%.

· Reserve income: 658 million, −8%
· Other income: 207 million, +627%
· Net income from continuing operations: 226 million, +5%
· Adjusted EBITDA: 317 million, +85%
· $USDC average circulation: 73.3 billion, +8%

It was driven by one-time revenue.
Of the 207 million in other income, 182 million came from the ARC token presale. The reserve yield fell from 4.11% to 3.5%.
The core business isn’t growing that fast.

Whether other income can hold at 300 million after the presale is key.
The full-year guidance still includes this revenue.

#Circle #BStocks #USDC