Circle's Q3 Profit Rises 5% as USDC Onchain Volume Jumps 49%
Circle just posted $226M in Q3 net income, up 5% year-over-year, with revenue of $778M blowing past estimates by 11%, according to CoinDesk. The stablecoin issuer's USDC did the heavy lifting: onchain transaction volume climbed 49% to $13.9T.
Circle's third quarter came in strong. The stablecoin issuer reported net income of $226M, up 5% from the same period a year earlier, according to CoinDesk. Revenue hit $778M, beating estimates by 11%.
The headline number, though, is USDC's onchain activity. Transaction volume for the dollar-pegged stablecoin surged 49% year-over-year, reaching $13.9T.
Circle issues USDC, one of the largest stablecoins by market value, and earns money on the reserves backing it. That makes onchain volume a key gauge of how much real traffic is flowing through its rails.
Both figures point the same direction: more profit and a bigger revenue beat than the Street had penciled in, with USDC usage expanding right alongside it.
TopicsCircle · USDC · CoinDesk
Source: x.com
Written by Paparazzi with AI. Not financial advice.
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