.@Circle just reported Q3 and the growth didn't come from where you'd expect.It posted $865M in total revenue and reserv | Hanami
.@Circle just reported Q3 and the growth didn't come from where you'd expect.
It posted $865M in total revenue and reserve income, up 17% from a year ago. Meanwhile, adjusted EBITDA rose 85% to $317M.
Reserve income actually fell 8% to $658M after the rate Circle earns on USDC reserves dropped 61 basis points.
Other revenue jumped 627% to $207M, and $182M of that came from the ARC token presale.
USDC averaged $73.3B in circulation in the quarter, up 8%, while onchain USDC volume grew 49% to $13.9T. And the Circle Payments Network hit $41.3B in annualized volume.