Circle Internet 
CRCL delivered beats in both Q3 earnings and revenue on Wednesday as the company's stablecoins saw increased usage in the quarter, indicating the digital assets are gaining traction. Toward the end of the quarter, the company launched its Arc public mainnet with more than 100 institutional and ecosystem builders.
The fintech behind USDC stablecoin 
USDC reaffirmed 2026 guidance:
- Other revenue of $310M-$330M (vs. the Visible Alpha consensus of $321M)
- Revenue less distribution cost margin of 41.7%-43.7%.
- Adjusted operating expenses of $570M-$585M.
USDC in circulation is still expected to rise 40% CAGR through the cycle.
Q3 USDC USDC onchain transaction volume was $13.9T dipped from $14.8T in Q2 but grew 49% from the year-ago quarter. The number of meaningful wallets rose to 7.3M from 7.0M in the previous quarter.
USDC in circulation rose to $73.9B from $73.3B at the end of Q2 and was flat from a year ago. Still, the current quarter's result trailed the Visible Alpha consensus of $74.9B.
Q3 GAAP EPS of $0.84, crushing the average analyst estimate of $0.39, soared from $0.18 in Q2 and $0.64 in last year’s Q3.
Q3 total revenue and reserve income of $865M, beating the average analyst estimate of $789M, increased from $701M in the prior quarter and $740M a year ago. Total distribution, transaction, and other costs were $412M, flat with Q2 and down from $448M in the previous Q3.
RLDC (revenue less distribution cost) margin of 52% compared with 41% in the prior quarter and 39% a year ago.
Other revenue of $207.3M, topping the Visible Alpha estimate of $125.3M, surged from $33.6M in Q2 and $28.5M in last year’s Q3.
"In Q3, we saw continued proof that institutions are building and expanding on USDC," said Co-Founder and CEO Jeremy Allaire. "Tereina is bringing USDC and EURC into the SAP ecosystem, Visa took stablecoin prefunding into commercial deployment, and Binance renewed and expanded our partnership."
Q3 adjusted EBITDA (new definition) of $316.7M, vs. the $206.1M Visible Alpha estimate, jumped from $143.5M in the previous quarter and $171.5M a year ago.
Q3 adjusted operating expenses of $138.8M shrank from $146.4M in Q2 and climbed from $122.7M in Q3 2025.
GAAP operating expenses fell to $244.9M from $254.5M in the previous quarter and grew from $211.1M a year ago.
Compensation expenses of $124.1M, lower than the Visible Alpha estimate of $135.8M, decreased from $134.0M in the prior quarter and $129.3M a year ago.
Circle Internet CRCL stock rose 0.4% in premarket trading.
Conference call at 8:00 AM ET.
