The Royal Pond.

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· THE ROYAL BRIEFING

Circle’s revenue rises with a $182m lift from ARC’s presale

Circle’s new results separate stablecoin reserve earnings from token-sale revenue. Bullish plans more blockchain choices for issuer-sponsored shares, while Coinbase’s latest migration notice keeps AERO and VELO transfers on hold.

Bumpy and his Circle abacus float above the floor, lifted by an ARC PRESALE balloon. A small olive-brown newt with an orange belly measures the gap beneath his foot.
Editorial illustration · 4 November 2026
THE ROYAL DECREE · OPINION
Before admiring the height, establish what is doing the lifting.
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