𝐂𝐢𝐫𝐜𝐥𝐞: 𝐐𝟑 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐁𝐞𝐚𝐭𝐬 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬, 𝐀𝐝𝐣𝐮𝐬𝐭𝐞𝐝 𝐄𝐁𝐈𝐓𝐃𝐀 𝐒𝐮𝐫𝐠𝐞𝐬 𝟖𝟓%, 𝐁𝐮𝐭 𝐑𝐞𝐬𝐞𝐫𝐯𝐞 𝐈

$CRCL (-4,3%)

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📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Revenue & Reserve Income: $865M (Est. $788.55M) ✅, +17% YoY.

• Net Income: $226M, +5% YoY.

• Adjusted EBITDA: $317M, +85% YoY.

• Revenue Less Distribution Costs: $453M, +55% YoY.

• RLDC Margin: 52%, +1,291 bps YoY.

• Reserve Income: $658M, -8% YoY.

• Other Revenue: $207M, +627% YoY.

⠀

🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• FY2026 Other Revenue: $310M–$330M, unchanged.

• FY2026 RLDC Margin: 41.7%–43.7%, unchanged.

• FY2026 Adjusted Operating Expenses: $570M–$585M, unchanged.

• Long-Term USDC Circulation Growth Target: 40% CAGR.

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Q3 revenue exceeded consensus by ~9.7%, supported by $182M in ARC token presale revenue.

• Excluding ARC token presales, revenue and reserve income totaled ~$683M, below the $788.55M headline consensus figure.

• Reserve income declined 8% as reserve yields fell 61 bps to 3.5%, despite 8% growth in average USDC circulation.

• USDC circulation ended Q3 at $73.9B, flat YoY, while stablecoin market share declined 183 bps to 27%.

• USDC onchain transaction volume increased 49% YoY to $13.9T.

• Launched Arc public mainnet with more than 100 institutional and ecosystem participants.

• Completed the genesis mint of 10B ARC tokens, with a transition toward Proof of Stake planned for 2027.

• Announced acquisition of Tazapay, adding access to $25B+ in annualized payment volume and payout infrastructure across 100+ markets.

• Binance announced a $100M equity investment and expanded its strategic USDC partnership.

• Circle Payments Network reached $41.3B in annualized transaction volume.

• Visa expanded USDC stablecoin prefunding into commercial deployment for cross-border payments.

⠀

💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“In Q3, we saw continued proof that institutions are building and expanding on USDC.”