Circle will release its third-quarter results on November 4, with a webcast scheduled for 8 a.m. Eastern, or 13:00 in London. Analysis should distinguish the growth in average USDC balances, reserve income and the impact of interest rates, because an increase in supply does not necessarily translate into equivalent earnings growth. The reserves backing USDC are reported separately from operating funds and do not automatically represent shareholder revenue. Investors will also need to examine distribution costs, the measurable contributions of new products, and the distinction between accounting earnings, adjusted measures and cash generation.
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