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

Circle reported $865 million in third-quarter revenue and reserve income on 4 November, up 17% year on year. The total includes $182 million from the ARC token presale, while income earned on reserves fell 8%.

The USDC issuer’s SEC-filed results show two different forces at work. Reserve income was $658 million, with lower returns partly offset by higher average USDC circulation. Other revenue reached $207 million, driven largely by the ARC presale. Net income from continuing operations was $226 million, up 5%.

Those categories matter when interpreting the headline growth rate. Interest earned on stablecoin reserves and proceeds recognised from a network-token presale have different sources. A rise in the combined figure does not, by itself, show that the recurring reserve business grew at the same pace.

Average USDC circulation rose 8% to $73.3 billion during the quarter. That measures the average outstanding supply, rather than the number of people making payments. The results describe the issuer’s business; they do not turn USDC holders into shareholders or give them a claim on Circle’s reported profit.

The immediate takeaway is an earnings mix worth watching in subsequent reports. Readers can compare reserve income, circulation and other revenue separately instead of treating a single rising total as a complete account of stablecoin adoption.