Circle’s $865M Quarter Comes With USDC Growth and Workforce Cuts

Circle reported $865 million in revenue for the third quarter, a 17% increase from a year earlier, according to Blockonomi and Crypto.news. Blockonomi also reported adjusted EBITDA growth of 85% year over year and net income of $226 million. The Block described the same $865 million figure as revenue and reserve income, emphasizing the role of interest earned on the reserves backing USDC.

USDC’s quarterly circulation averaged $73.3 billion, while transaction volume increased 49%, Blockonomi reported. Crypto.news said USDC payments continued to grow as Arc went live. Blockonomi additionally linked Circle’s global payments expansion to Binance and its planned Tazapay acquisition, details not reported by the other three outlets in their supplied summaries.

All four outlets agree on the $865 million quarterly revenue figure. Blockonomi and Crypto.news corroborate the 17% annual increase, while The Block and Decrypt independently report the approximately 5% workforce reduction. The main difference is emphasis: Crypto.news highlighted $182 million in token-presale revenue that offset lower reserve returns, Decrypt noted $9.1 million of restructuring costs and an 8% decline in reserve income, and Blockonomi presented the stronger EBITDA, net income and transaction-volume figures.

The results combine expanding USDC activity with cost controls. Circle’s 49% transaction-volume growth and the launch of Arc point to continued expansion of its payments network, even as lower reserve returns affected the previous income source. At the same time, the restructuring charge and layoffs indicate that the issuer is adjusting its cost base while pursuing new payment channels. The reported average circulation of $73.3 billion covers the quarter rather than representing a live supply reading.

Live data from DeFiLlama puts USDC’s circulating supply at $70.83 billion, below Circle’s reported quarterly average. USDC trades at $0.999486, up 0.01% over 24 hours and 0.02% over seven days, with a market capitalization of $70.54 billion. The broader crypto market capitalization stands at $2.69 trillion; Bitcoin is up 1.30% over 24 hours, and the Fear & Greed index reads 34, placing sentiment in the “Fear” category.

The development matters because it shows USDC growth alongside pressure on reserve-related economics and a meaningful organizational restructuring. Blockonomi reported a 4.36% rise in Circle shares following the results. Key items to monitor include whether current circulation moves closer to the reported quarterly average, how Arc and the payment initiatives affect usage, and whether reserve income and restructuring costs change in subsequent disclosures.