Circle Q3 Revenue Rises 17% to $865M on ARC Token Sale as Reserve Income Falls

Circle reported 17% revenue growth to $865 million, but $182 million came from a one-off ARC token presale. Reserve income, the core USDC-backed earnings stream, fell 8% to $658 million as the return rate dropped to 3.5%, partly offset by 8% higher average USDC circulation. Net income rose 5% and full-year guidance was maintained. The mix signals resilient stablecoin adoption but pressure on interest-based economics, a mixed near-term read for CRCL and stablecoin-linked crypto sentiment.