Circle Reports $865 Million Q3 Revenue, Highlighting Binance $100 Million Investment and USDC Growth

Published November 4, 2026, 7:11 PM PKT. Based on Circle Internet Group's third quarter 2026 results release, issued November 4, 2026 via Business Wire (primary source), CoinDesk's November 4, 2026 earnings report (secondary source), and crypto.news' November 4, 2026 earnings report (secondary source). The Binance investment agreement dates to September 2026, according to crypto.news; Circle's release lists it as a third quarter business highlight.

Circle Internet Group, the New York listed issuer of the world's second largest stablecoin, reported third quarter 2026 total revenue and reserve income of $865 million, up 17 percent from a year earlier, beating analyst forecasts, in results announced November 4, 2026. Net income from continuing operations rose 5 percent to $226 million, and adjusted EBITDA jumped 85 percent to $317 million, the company said. The headline growth, however, came with a split underneath it: a $182 million presale of ARC ($ARC), the token for Circle's new Arc blockchain, supplied most of the increase, while the core business of earning interest on the reserves behind USD Coin ($USDC) shrank. Reserve income fell 8 percent to $658 million, Circle said, as the return on its reserves dropped 61 basis points to 3.5 percent, partly offset by 8 percent growth in average USDC in circulation.

The $865 million quarter, and the $182 million token sale inside it

Circle's release puts the quarter's moving parts in plain sight. Total revenue and reserve income reached $865 million, and revenue less distribution costs rose 55 percent to $453 million, for a margin of 52 percent. Other revenue jumped 627 percent to $207 million, and Circle said the increase came from the ARC token presale of $182 million, partly offset by lower subscription and services revenue. Adjusted EBITDA of $317 million carried a 70 percent margin, up from a much thinner base a year earlier, and Circle attributed the jump to the ARC presale revenue and lower distribution costs, partly offset by higher investment in new products. Operating expenses rose 16 percent to $245 million, on higher general and administrative, depreciation, IT infrastructure and marketing costs. CoinDesk reported that adjusted earnings of 84 cents per share beat analyst forecasts, and that total revenue and reserve income also came in ahead of expectations. The quarter's operating indicators show a stablecoin still growing in use even as its market share slipped. Average USDC in circulation was $73.3 billion, up 8 percent year over year, while end of period circulation was $73.9 billion, flat from a year earlier. USDC onchain transaction volume reached $13.9 trillion, up 49 percent, and Circle minted and redeemed $104 billion of USDC each during the quarter. Wallets holding more than $10 of USDC reached 7.3 million, up 16 percent, and USDC held on Circle's own platform rose 36 percent to $13.9 billion. Stablecoin market share ended the period at 27 percent, down 183 basis points from a year earlier, Circle said.

The Binance $100 million stake and the renewed USDC deal

The release's most consequential business highlight for crypto markets is the Binance link. Binance announced a $100 million equity investment in Circle Internet Group and the expansion and renewal of its strategic partnership to promote USDC across Binance's global platform, with an emphasis on emerging markets, Circle said in the release. Co-founder, CEO and chairman Jeremy Allaire tied the deal directly to the quarter's theme, saying: “In Q3, we saw continued proof that institutions are building and expanding on USDC. Tereina is bringing USDC and EURC into the SAP ecosystem, Visa took stablecoin prefunding into commercial deployment, and Binance renewed and expanded our partnership.” EURC is Circle's euro-denominated stablecoin, Euro Coin ($EURC). The investment itself is not new money agreed this week: crypto.news reported that the September investment agreement involved Binance acquiring approximately 1.24 million Circle shares through a private placement, and described the partnership as an expanded five year arrangement. What is new is its formal place in Circle's quarterly disclosure, alongside the earnings beat, which puts the world's largest crypto exchange on the cap table of the world's second largest stablecoin issuer weeks after Binance absorbed a $6.34 billion hack and began rebuilding its own reserves. Circle's release gives no further terms for the Binance investment, and neither company has disclosed a board seat or governance right tied to it.

Arc mainnet, Tazapay, and the payments push

The quarter was also Circle's first with its own blockchain live. Circle launched the Arc public mainnet on September 16, calling it the most significant product launch in its history since USDC, with more than 100 institutional and ecosystem builders on day one and native USDC integration, the release said. Circle completed the genesis mint of ARC ($ARC), a full initial supply of 10 billion tokens, and said it is the first publicly traded company to mint a network token for a new layer one blockchain, with the network working toward a transition to proof of stake in 2027. The Arc developer community counts more than 75,000 Arc House members and 10,000 Architect ambassadors who built more than 1,200 projects during private mainnet, according to the release. On payments, the Circle Payments Network hit $41.3 billion in annualized total payment volume in the quarter, and Circle signed a definitive agreement to acquire Tazapay, a Singapore headquartered business to business cross border payments platform, with the deal expected to close in 2027 pending regulatory approvals. Tazapay brings more than $25 billion in annualized payment volume, more than 60 banking and fintech partners, and local payout rails covering more than 100 markets, with about 60 percent of its transaction volume already including stablecoins, Circle said. Crypto.news put the Tazapay agreement at $400 million. Other highlights in the release included Circle becoming a principal partner of Chelsea Football Club, with Circle and USDC brands on the front of men's, women's and academy shirts from the 2026/27 season, Samsung Wallet enabling eligible Galaxy users in the United States to send money using USDC to bank accounts in more than 60 countries, and Visa moving its Visa Direct stablecoin prefunding from pilots to commercial deployment, with Inyo Global enabling eligible clients to fund cross border payouts using USDC in near real time across more than 180 countries.

The weaker core: reserve income down 8% as market share slips

The honest read of the quarter is that Circle's core economics got weaker while its new lines carried the headline. Reserve income, the interest earned on the assets backing USDC, fell 8 percent to $658 million because the reserve return rate dropped 61 basis points, and only the 8 percent growth in average circulation kept the decline in single digits. Market share slipped to 27 percent, down 183 basis points, even as onchain volume surged 49 percent, a combination that points to rivals growing faster in circulation even as USDC itself is used more. Circle also disclosed that it reduced its workforce by approximately 5 percent during the third quarter, recording $9.15 million in restructuring expenses, crypto.news reported, a cut that sits alongside the quarter's product investment rather than against it. Guidance was left unchanged: Circle kept its multi-year target of 40 percent compound annual growth in USDC circulation through the cycle, its 2026 other revenue guidance of $310 million to $330 million, which includes recognized ARC token presale revenue, and its 2026 adjusted operating expense guidance of $570 million to $585 million. The results will be discussed on a livestream at 8 a.m. ET, hosted through Circle's official channels on YouTube and X, with a replay and transcript on Circle's investor relations site, the release said. This article is news reporting and is not investment advice.

Sources

• Circle Internet Group, Inc., Circle Reports Third Quarter 2026 Results, Business Wire, November 4, 2026 (primary source: total revenue and reserve income $865 million up 17 percent, net income from continuing operations $226 million up 5 percent, adjusted EBITDA $317 million up 85 percent, revenue less distribution costs $453 million up 55 percent, reserve income $658 million down 8 percent, reserve return rate 3.5 percent down 61 basis points, other revenue $207 million up 627 percent on the $182 million ARC token presale, average USDC in circulation $73.3 billion up 8 percent, end of period circulation $73.9 billion flat, USDC onchain volume $13.9 trillion up 49 percent, minted and redeemed $104 billion each, meaningful wallets 7.3 million up 16 percent, USDC on platform $13.9 billion up 36 percent, market share 27 percent down 183 basis points, Binance $100 million equity investment and expanded and renewed partnership with emphasis on emerging markets, Arc public mainnet launch September 16 with 100 plus builders, ARC genesis mint of 10 billion tokens, Circle Payments Network $41.3 billion annualized volume, Tazapay definitive agreement with $25 billion plus annualized volume and expected 2027 close, Allaire quote, unchanged 2026 guidance, 8 a.m. ET livestream)
• CoinDesk, Circle (CRCL) beats earnings expectations on strong revenue, but cuts 5% of its workforce, November 4, 2026 (secondary source: adjusted earnings of 84 cents per share and total revenue and reserve income ahead of analyst forecasts, $182 million ARC presale revenue, 5 percent workforce reduction)
• crypto.news, Circle Q3 revenue hits $865M as Arc goes live, USDC payments grow, November 4, 2026 (secondary source: September Binance investment agreement of approximately 1.24 million Circle shares through a private placement, expanded five year partnership, Tazapay agreement at $400 million, workforce reduction of approximately 5 percent with $9.15 million in restructuring expenses, USDC market share 27 percent)