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Circle Internet Group, the issuer of the USDC stablecoin, reported $865 million in total revenue and reserve income for the third quarter of 2026, a 17% increase from the previous year.
In its earnings report released on November 4, the company said it recorded $226 million in net income from continuing operations, up 5% year-over-year, while adjusted EBITDA climbed 85% to $317 million. Average USDC in circulation reached $73.3 billion, an 8% increase, while the total value of USDC transactions on blockchain networks rose 49% to $13.9 trillion.
Circle expands its cross-border payment network
Circle’s payment business also recorded growth during the quarter. Circle Payments Network (CPN) reached $41.3 billion in annualized payment volume as more financial institutions explored the use of stablecoins for international transfers.
Circle also signed an agreement to acquire Tazapay, a Singapore-based company that helps businesses send and receive money across borders. Tazapay processes more than $25 billion in annualized payments and works with over 60 banking and fintech partners.
Its payment services cover more than 100 markets, while around 60% of its transaction volume already involves stablecoins. The acquisition is expected to close in 2027, pending regulatory approval. Circle also expanded its relationship with Binance, which announced a $100 million equity investment in the company. The two firms renewed and expanded their partnership to promote USDC across Binance’s global platform, with particular attention to emerging markets.
Samsung and Visa expand USDC payment services
Other developments included Samsung Wallet, which now allows eligible users in the United States to send USDC to qualifying bank accounts in more than 60 countries.
Visa also moved its stablecoin prefunding service from pilot testing to commercial use. Through Inyo Global, eligible clients can fund international payouts using USDC across more than 180 countries.
Arc mainnet launches with 10 billion ARC tokens
Meanwhile, Circle launched Arc public mainnet on September 16, bringing more than 100 institutional and ecosystem builders onto the network. The company also completed the initial mint of 10 billion ARC tokens. The token is designed to support the network’s security, utility, and governance as Arc prepares for a planned transition to Proof of Stake in 2027.
Circle CEO Jeremy Allaire said the company continued to see financial institutions expand their use of USDC during the quarter. “In Q3, we saw continued proof that institutions are building and expanding on USDC,” Allaire said, pointing to the company’s partnerships with Tereina, Visa, and Binance.
Coinbase, Tether, and Strategy report Q3 earnings
Other cryptocurrency companies have also released their third-quarter results. On October 30, Coinbase reported quarterly net income of $718.7 million. However, $715 million came from gains on crypto assets held for investment. After adjusting for these and other items, its adjusted net income stood at $77.7 million.
The exchange also generated approximately $1.2 billion in total revenue, with subscriptions and services contributing nearly half of its net revenue. This includes income from services beyond direct cryptocurrency trading, such as stablecoin-related activities.
Tether, the company behind USDT stablecoin, also reported $1.5 billion in net operating profit for the same quarter. Its reserve buffer also increased from $4.1 billion at the end of June to $7.95 billion on September 30.
This buffer represents the amount by which its assets exceed its liabilities, giving the company an additional financial cushion. Tether reported $191.45 billion in total assets against $183.50 billion in liabilities, while its Treasury bill holdings reached $132.4 billion.
Strategy, the largest publicly traded corporate holder of Bitcoin, also reported $19.53 billion in net income. Much of the profit came from an accounting gain on its Bitcoin holdings rather than earnings from its software business.
Also Read: Coinbase Details Crypto Custody Strategy as Binance Hack Raises Risks