Circle's revenue rises 17% to $865m, but it cuts 5% of staff
Why it matters
Circle, the company behind the USDC stablecoin, beat forecasts with $865m in quarterly revenue but is cutting about 5% of staff. Its income from the reserves backing USDC fell 8% as the return on them dropped.
The short version
Circle, issuer of the USDC stablecoin, reported third-quarter revenue and reserve income of $865m on 4 November, up 17% on a year earlier and ahead of forecasts, according to CoinDesk. Net income from continuing operations rose 5% to $226m. Circle is also cutting about 5% of its workforce, with a $9.1m restructuring charge.
Circle, the company behind the USDC stablecoin, a digital dollar, reported third-quarter revenue and reserve income of $865m, up 17% on a year earlier. CoinDesk said that beat analyst estimates of $778m. Net income from continuing operations rose 5% to $226m, Circle said.
Look under the bonnet, though. Income from the reserves behind USDC fell 8% to $658m, as the return on those reserves slipped to 3.5%. Other revenue jumped to $207m, of which $182m came from a presale of ARC, the token for Circle's own Arc blockchain.
USDC itself grew more slowly. Average USDC in circulation was $73.3bn, up 8%, while onchain transaction volume rose 49% to $13.9tn, according to Circle.
Circle is also cutting about 5% of its workforce, with a $9.1m restructuring charge. In the same results it named a $100m equity investment from Binance and a deal to buy Singapore payments firm Tazapay, expected to close in 2027.
Where this comes from
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