Circle's Q3 Revenue Hits $865M, but USDC's Market Share Slips to 27%
Circle booked $865M in Q3 revenue, but a $182M one-time ARC token presale did the heavy lifting. Strip it out and the stablecoin giant's underlying revenue actually fell 8% year-over-year, while USDC's market share slid to 27% even as onchain volume jumped 49% to $13.9T.
Circle's third quarter looked shiny on the surface. The stablecoin issuer pulled in $865M in revenue, CoinDesk reported. But a chunk of that came from a one-time event: a $182M presale of its ARC token.
Take that presale out of the math and the picture darkens. Underlying revenue dropped 8% year-over-year, meaning the core business shrank while the headline number grew.
USDC, Circle's flagship stablecoin, is also losing ground. Its market share has slipped to 27%, per CoinDesk, even as the network it runs on hummed louder than ever.
Onchain transaction volume hit $13.9T, up 49% year-over-year. More money is moving through USDC rails — but rivals are clearly grabbing a bigger slice of the stablecoin pie.
The split between rising volume and falling share is the story investors will chew on. Circle's token sale gave the quarter a boost that won't repeat, leaving the underlying slowdown and the share slide in the spotlight.
TopicsCircle · ARC · USDC · CoinDesk
Source: x.com
Written by Paparazzi with AI. Not financial advice.