Key Insights:
- Circle (CRCL) stock price closed at $75.22 on Tuesday, with a surge of over 4%
- Circle’s Q3 revenue and reserve income rose 17% to $865 million; ARC supplied $182 million.
- Average USDC circulation reached $73.3 billion; Circle kept its 40% long-term growth target.
CRCL stock price closed at $75.22, up $3.14, or 4.36%. It then slipped 0.48% to $74.86 in premarket trading. Circle Internet Group released its third-quarter report on November 4. Revenue and reserve income reached $865 million, up 17% year over year. Net income from continuing operations rose 5% to $226 million.
Adjusted earnings per share reached $0.84 and topped estimates by $0.61. Adjusted EBITDA climbed 85% to $317 million. Circle stock investors will weigh those figures against falling reserve returns and ARC presale revenue.
CRCL Stock Price Reflects USDC Growth and Reserve Yields
Circle recorded $658 million in reserve income, down 8% year over year. Its reserve return rate fell 61 basis points to 3.5%. An 8% rise in average USDC circulation, to $73.3 billion, partly offset the decline. End-of-quarter circulation stood at $73.9 billion, unchanged from a year earlier.
Onchain activity accelerated. USDC transaction volume rose 49% to $13.9 trillion. Meaningful wallets holding more than $10 in USDC increased 16% to 7.3 million. Circle minted $104 billion in USDC and recorded $104 billion in redemptions. Minting grew 31%, and redemptions rose 54% year over year.
USDC’s market share declined 183 basis points to 27%, despite higher transaction activity. The CRCL stock price reflects two signals: broader use and a lower reserve yield. This mix makes circulation growth and reserve returns key figures for evaluating Circle’s earnings.
Circle Earnings Rise as ARC Presale Lifts Other Revenue
Other revenue climbed 627% to $207 million. The ARC token presale contributed $182 million, while subscription and services revenue declined. Revenue less distribution costs rose 55% to $453 million, a 52% margin. The presale and lower distribution payments helped lift adjusted EBITDA.
Distribution, transaction, and other costs fell 8% to $412 million. Operating expenses rose 16% to $245 million on higher general and administrative, depreciation, infrastructure, and marketing costs. Adjusted operating expenses increased 13% to $139 million.
Circle maintained its 2026 outlook. Other revenue is forecast at $310 million to $330 million. The RLDC margin target remains 41.7% to 43.7%. Both ranges include ARC presale revenue.
Adjusted operating expense guidance remains $570 million to $585 million. Circle also kept a 40% long-term annual USDC circulation growth target. Investors tracking the CRCL stock price will watch how recurring income performs after presale activity.
CRCL Stock Price Also Tracks Circle’s Payment Expansion
ARC launched its public mainnet on September 16 with more than 100 institutional and ecosystem builders. Circle minted an initial 10 billion ARC tokens for security, utility, and governance. The developer community includes over 75,000 members and 10,000 ambassadors. More than 1,200 projects were built during the private mainnet. Arc plans its proof-of-stake transition for 2027.
Circle Payments Network recorded $41.3 billion in annualized payment volume. Circle agreed to acquire Tazapay, a Singapore-based cross-border payments platform. The deal is expected to close in 2027, subject to regulatory approvals.
Tazapay handles more than $25 billion in annualized volume and works with over 60 banking and fintech partners. Its payout rails span more than 100 markets, and stablecoins make up about 60% of its volume.
Binance invested $100 million in Circle equity and renewed its USDC partnership. Circle also cited integrations with Samsung Wallet and Visa Direct. It named Allaria in Argentina, Tereina, Volante Technologies and Chelsea Football Club among its partners.
These updates could support transaction growth that investors watch alongside the CRCL stock price. Chelsea became Circle’s principal partner for the 2026/27 season.
