Circle Internet Group reported total revenue and reserve income of $865 million in the third quarter of 2026, up 17% year over year. Average USDC circulation reached $73.3 billion, while on-chain transaction volume surged 49% to $13.9 trillion. Reserve income nevertheless fell 8% to $658 million as the return on reserves declined to 3.5%. Other revenue rose to $207 million, including $182 million from the ARC token presale. Despite these advances, USDT dominated stablecoin transaction activity, recording $763.77 billion in transactions from July to September 2026, compared with $123.73 billion for USDC.
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