Circle reported Q3 revenue and reserve income of $865 million, up 17% year over year. USDC's on-chain transaction volume rose 49% to $13.9 trillion, while circulation grew 8%.
USDC activity grew in the third quarter while crypto markets softened. Circle reported Q3 revenue and reserve income of $865 million, up 17% from a year earlier. Adjusted EBITDA climbed 85% to $317 million.
USDC volume jumps 49%
Usage was the most telling part of the report. USDC's on-chain transaction volume surged 49% to $13.9 trillion.
Circulation grew 8%, against 49% for volume. USDC's average circulation in the quarter was $73.3 billion, up 8% year over year, and circulation stood at approximately $74 billion at quarter's end.
A small share of supply, a large share of volume
The most striking figure is a ratio. USDC handled 79% of stablecoin transaction volume while representing roughly 27% of stablecoin supply.
Circle has also worked with SAP, Visa and Binance, which together span enterprise software, card payments and crypto trading.
What the margins suggest
For investors, the headline takeaway is margin expansion. An 85% rise in adjusted EBITDA on 17% revenue growth suggests the business is maturing, according to Crypto Briefing.
A meaningful part of Circle's business model rests on the reserves backing USDC. Growth in circulation therefore remains an important lever, even when transaction activity is the flashier statistic.
Source: Crypto Briefing
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