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Circle Internet Group reported $865 million in revenue and reserve income for the third quarter of 2026, marking a 17% increase from the same period last year as activity across its USDC stablecoin network continued to expand. The company also recorded $226 million in net income from continuing operations and adjusted EBITDA of $317 million, up 85% year over year.
The results, announced on November 4, highlight the growing role of stablecoins in digital payments and blockchain-based financial services. Circle’s performance reflects both the scale of USDC circulation and the increasing use of its infrastructure for transactions across public blockchain networks.
USDC Activity Continues to Expand
Circle reported average USDC in circulation of $73.3 billion during the quarter, representing an 8% increase compared with the previous year. More notably, USDC on-chain transaction volume reached $13.9 trillion, up 49% year over year. The figures indicate that the stablecoin is being used across a wider range of payment, trading and financial applications.
The distinction between circulation and transaction volume is important. Circulation measures the average amount of USDC outstanding, while transaction volume reflects the value moved through the network during the reporting period. Higher transaction activity can point to increased use of stablecoins for settlement and transfers, although it does not necessarily translate directly into equivalent revenue growth.
Payments Infrastructure Becomes a Larger Focus
Circle is also working to expand beyond stablecoin issuance. Its Circle Payments Network recorded an annualised total payment volume of $41.3 billion during the quarter. The company also signed a definitive agreement to acquire Singapore-based cross-border payments platform Tazapay, with completion expected in 2027 subject to regulatory approvals.
The proposed acquisition could strengthen Circle’s position in international business payments by adding capabilities for cross-border collections and payouts. The transaction remains subject to closing conditions and should not be treated as a completed acquisition.
Stablecoin Economics Remain Sensitive to Market Conditions
Circle’s revenue includes income generated from reserves backing USDC, alongside other sources such as payment and platform services. Reserve income remains sensitive to interest-rate movements and the amount of stablecoin supply in circulation. The company’s results therefore reflect both adoption of its payment infrastructure and broader financial-market conditions.
The latest figures provide evidence of rising stablecoin transaction activity, while Circle’s expansion into payments infrastructure suggests it intends to build a broader financial-services business around digital dollars.
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