Circle’s $182 million crypto token sale masks revenue decline as USDC business weakens
Summary
Circle reported third-quarter adjusted EBITDA of $317 million, beating forecasts, largely because its ARC token presale generated $182 million. Without that revenue, EBITDA would have been about $135 million, below the prior quarter. Total revenue and reserve income rose 17% to $865 million, but reserve income fell 8% to $658 million as USDC reserve yields declined to 3.5%. Meanwhile, USDC activity grew: onchain transfers increased 49% to $13.9 trillion, and Circle Payments Network's annualized volume reached $41.3 billion. Circle is expanding its payments infrastructure and developing the Arc blockchain, while expecting regulated digital-dollar adoption to grow after the GENIUS Act takes effect.
