Circle reports $865M Q3 revenue – Can USDC challenge Tether’s dominance?

Circle Internet Group (CRCL) reported strong financial performance in Q3 2026, with growth in USDC adoption, transaction activity, revenue, and profitability compared to the same period last year. As per the financial report, the average amount of USDC in circulation reached $73.3 billion, increasing 8% year-over-year. Meanwhile, USDC's on-chain transaction volume surged 49% to $13.9 trillion. At the same time, the company also recorded $865 million in total revenue and reserve income, marking a 17% annual increase. This includes income earned from investing the reserves backing USDC, primarily in cash and short-term U.S. government securities. On the financial front, Circle generated $658 million in reserve income, down 8% from the previous year.

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