Circle Records 49% Growth in On Chain Transaction Volume in Q3 2026

Circle Internet Group reported a 17% year-on-year increase in third-quarter revenue and reserve income to $865 million, supported partly by a $182 million private presale of its ARC token. The company also recorded a 49% increase in on-chain transaction volume, reaching $13.9 trillion, while announcing a 5% workforce reduction.

For the quarter ended September 30, 2026, Circle’s net income from continuing operations rose 5% year-on-year to $226 million. Adjusted EBITDA increased 85% to $317 million, compared with $740 million in revenue and reserve income a year earlier. However, income from USDC reserves declined. Reserve income fell 8% to $658 million, reflecting lower yields on the assets backing the stablecoin.

Average USDC circulation increased 8% year-on-year to $73.3 billion, while on-chain transaction volume climbed 49% to $13.9 trillion, highlighting growing activity across the stablecoin ecosystem. Circle also reported approximately $9.1 million in restructuring expenses following plans to reduce its workforce by about 5%. The company said the changes were intended to align its organizational structure with its operating model and strategic priorities.

Operating expenses rose 16% to $245 million, while distribution, transaction, and other costs declined 8% to $412 million, mainly due to lower distribution payments. Circle maintained its full-year 2026 guidance, projecting other revenue of $310 million to $330 million and adjusted operating expenses of $570 million to $585 million.

The results reflect Circle’s growing role in stablecoin payments and blockchain infrastructure beyond USDC issuance. Its expansion into services such as the Arc network and planned acquisition of cross-border payments platform Tazapay also signal a broader business strategy, although the company remains exposed to changes in reserve yields and distribution costs.