Circle Internet Group Q3 2026 Earnings Recap

Circle delivered 17% revenue growth and higher adjusted EBITDA, while USDC circulation was flat year-over-year in a soft digital asset market. The stock rose 1.2% after earnings, a relatively muted reaction.

Key Takeaways

• Total revenue and reserve income was $865 million, up 17% year-over-year; adjusted EBITDA was $317 million, up 85%. Both figures included $182 million from the Arc token presale.
• USDC in circulation ended the quarter at about $74 billion, flat year-over-year, while USDC onchain transaction volume grew 49% to $13.9 trillion.
• Circle Payments Network reached $41 billion in annualized payment volume, up more than 15x year-over-year and nearly 3x since the end of June; enrolled financial institutions rose more than 4x to 205.
• Arc Mainnet launched on September 16 with 11 founding validators and more than 100 applications. Circle also announced a Tazapay acquisition agreement and a new five-year Binance agreement, alongside a $100 million Binance equity investment.