Circle Q3 Revenue $865 Million, Down 8% Excluding ARC Token Presale

Circle released its Q3 earnings before the U.S. market open on November 4, reporting $865 million in total revenue, up 16.9% year over year, but including $182 million from ARC token presales. Excluding that item, revenue was about $683 million, down roughly 8%. Reserve interest income fell 8% to $658 million amid lower yields and channel fee sharing, while USDC on-chain transaction volume reached $13.9 trillion, up 49%, accounting for nearly 80% of stablecoin trading volume.