Circle tops Q3 estimates as ARC token sale offsets lower reserve yields

Circle Internet Group reported $865 million in third-quarter 2026 revenue on Wednesday, beating analyst estimates of about $788 million, including $182 million from the ARC token presale. The USDC stablecoin issuer said total revenue and reserve income rose 17% year over year, while net income from continuing operations increased 5% to $226 million and adjusted EBITDA reached $317 million. Income from reserve assets fell 8% to $658 million as the reserve return rate dropped 61 basis points, partly offset by a 7% rise in circulating USDC to $73.3 billion. Circle's stock traded at $74.25, down nearly 1% from $75.22 on November 3.