Circle’s $182M ARC token presale masks Q3 revenue decline as USDC reserve income falls

Circle reported 17% revenue growth to $865 million, but excluding $182 million in ARC token presales reveals an almost 8% decline. Despite $13.9 trillion in USDC transactions and 79% stablecoin market share, reserve income fell 8% to $658 million as yields dropped 61 basis points to 3.5%. The $317 million adjusted EBITDA beat was largely driven by the token sale, which Clear Street expects to normalize in Q4.