Circle’s USDC Transaction Volume Rises 49% Even as Reserve Income Faces Pressure
Summary
Circle reported $13.9 trillion in USDC onchain transaction volume in Q3 2026, up 49% year over year, while average circulation rose 8% to $73.3 billion. Revenue and reserve income increased 17% to $865 million; net income rose 5% to $226 million and adjusted EBITDA climbed 85% to $317 million. Circle also reported $41.3 billion in annualized payment volume and plans to acquire cross-border payments firm Tazapay, subject to approvals. The figures show growing USDC activity, but transaction volume is not equivalent to retail spending or issuer revenue. Profitability depends on factors including distribution costs, reserve income, and payments infrastructure.
