
$COST Circle’s expansion beyond stablecoins supplied the biggest boost to its third-quarter earnings, as the company recognized $182 million in revenue from its ARC token presale, helping offset falling income from the reserves backing its flagship stablecoin, USDC.
The company reported diluted earnings per share of $0.84, up from $0.64 a year earlier. Total revenue and reserve income rose 17% to $865 million. Without the ARC token sale, however, revenue would have fallen from a year earlier.
Circle shares were down 0.84% at $74.59 at 16:05 UTC on Nov. 4, according to Yahoo Finance.
The results capture a transition for Circle. Its established stablecoin business earns returns on the reserves backing USDC, tying income to interest rates and the amount of the token outstanding. Its newer businesses aim to earn from the payments and financial activity those digital dollars support.
Lower yields weigh on USDC reserve income
Circle launched its payments network in May 2025 to connect financial institutions settling cross-border payments with stablecoins. Arc, its blockchain for financial applications, went live on public mainnet on Sept. 16, 2026. Its native token, ARC, is intended to support network security and governance as Arc moves toward proof of stake in 2027, while transaction fees are paid in USDC.
That contribution arrived as lower reserve yields outweighed growth in USDC balances. Average circulation increased 8% year over year, but the reserve return fell 61 basis points to 3.5%. Reserve income declined 8% to $657.6 million.
Interest rates were lower than a year earlier, despite a Federal Reserve rate hike in September. The Fed raised its benchmark range by a quarter percentage point to 3.75%–4% in September, although that remained below the 4%–4.25% range set a year earlier. Circle’s reserve return also edged up from 3.48% in the second quarter, but the earnings pressure reflected the lower year-over-year yield.
USDC ended September at $73.9 billion in circulation, while its share of the stablecoin market fell 1.83 percentage points to 27%.
Competition is also expanding. Open Standard’s Open USD was live on Solana by Sept. 30, with Coinbase, Mastercard, Shopify, Stripe and Visa as founding partners. The stablecoin model distributes reserve earnings to partners after a management fee, giving businesses another option for accessing stablecoins and sharing their economics.
Related: ARK buys $17M in Coinbase, Circle shares while trimming Bullish
Circle’s revenue mix
ARC changed Circle’s earnings picture. Excluding ARC presale revenue, total revenue and reserve income were $683 million, down roughly 8% year over year. Reported adjusted earnings before interest, taxes, depreciation and amortization rose 85% to $317 million. Without the ARC contribution, adjusted EBITDA was approximately $135 million, down 21% from $171 million a year earlier.
Circle anticipates staking rewards after Arc transitions to proof of stake, which it targets for 2027. That would create another source of revenue, although it remains dependent on the network’s development.
Circle is also beginning to charge for some payments-network activity. Chief Financial Officer Jeremy Fox-Geen said on the earnings call that the company expected material CPN revenue in 2027. Chief Executive Jeremy Allaire described Circle’s strategy as building connected networks, with growth in stablecoins, payments and blockchain applications reinforcing one another.
“This is not just about payments, and it is not just about digital dollars. It is about multiple compounding flywheels on one platform. Every new member, every new builder, and every new asset makes the whole platform more valuable,” Allaire said.
The company is also adjusting its workforce size. The earnings disclosures included a reduction affecting approximately 5% of employees, which Circle said was intended to align its organization with its operating model and strategic priorities.
Magazine: Wall Street killed Bitcoin’s wild rallies: 10x’s Markus Thielen

institutionaltrader
2026/10/27 16:25
Top Gainer
🚀 Is $GRV’s Strong Rally Setting Up Another Leg Up, or Is a Pullback Ahead? 🔥
I’m keeping $GRV on my radar because the buying pressure is still noticeable, but I’m not convinced that chasing the current move is a smart entry.
GRV is trading around 0.24759, up nearly 24% in the last 24 hours. That’s a strong rally, but after a move like this, I want to see whether buyers can hold their ground instead of giving back the gains.
Here’s what I’m watching: if GRV pulls back, finds support, and buyers step in again, I’ll be interested in a possible continuation. But if the price keeps getting rejected and starts losing its recent gains, I’ll stay cautious.
I’ve seen plenty of coins pump hard and then reverse just as quickly. That’s why I’m not buying simply because GRV is one of the top gainers today.
Let it settle a little. If the chart gives a clean setup, there may be an opportunity. If not, there’s no reason to force a trade.
Top Loser
⚠️ Is $ARC’s 10% Drop a Bounce Opportunity, or Will the Pressure Continue? 📉
ARC is moving fast downward, but I wouldn’t rush into this one just yet.
I noticed $ARC is sitting at 0.04999, down nearly 10% in the last 24 hours. That’s a serious drop, and the first thing I’m thinking about is whether sellers are finally losing steam or if there’s more bleeding to come.
If I were watching this chart for an entry, I’d want to see how price behaves around support. A stabilization followed by accumulation would be much more interesting to me than catching a falling knife during a massive red candle.
If buyers step in and the price builds a base, a relief bounce could be possible. But if selling pressure continues and ARC breaks lower, I’d rather stay out than become exit liquidity for panic sellers.
For now, I’m watching $ARC closely. The next move matters more to me than the 10% it has already lost. I’ll wait for price to give a clearer signal before considering a trade.$ARC $GRT $SKDD

institutionaltrader
2026/10/25 12:48
Top Gainer Post ($ZEREBRO)
I’m keeping $ZEREBRO on my radar because the buying pressure is still noticeable, but I’m not convinced that chasing the current move is a smart entry.
ZEREBRO is trading around 0.0304, up nearly 23% in the last 24 hours. That’s a strong rally, but after a move like this, I want to see whether buyers can hold their ground instead of giving back the gains.
What I’m watching: if ZEREBRO pulls back, finds support, and buyers step in again, I’ll be interested in a possible continuation. But if the price keeps getting rejected and starts losing its recent gains, I’ll stay cautious.
I’ve seen plenty of coins pump hard and then reverse just as quickly. That’s why I’m not buying simply because ZEREBRO is one of the top gainers today.
Let it settle a little. If the chart gives a clean setup, there may be an opportunity. If not, there’s no reason to force a trade.
Top Loser Post ($ARC)
ARC is moving downward, but I wouldn’t rush into a short or a dip-buy on this one just yet.
I noticed $ARC is sitting at 0.06165, down more than 1.2% in the last 24 hours. That’s a notable dip, and the first thing I’m thinking about is whether sellers are going to push it lower or if a temporary bottom is forming.
If I were watching this chart for a potential entry, I’d want to see how price behaves around current support levels. A stabilization period followed by strong buying interest would be much more interesting to me than jumping in right as it’s falling.
If buyers step in and the price builds a base, a recovery bounce could be possible. But if selling pressure continues and ARC breaks key support, I’d rather stay out than catch a falling knife.
For now, I’m watching $ARC closely. The next move matters more to me than the red numbers it has already printed. I’ll wait for price to give a clearer signal before considering a trade.$ZEC $ARC $BTC