Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Total revenue and reserve income | $865 million | Up 17% year-over-year |
| Adjusted EBITDA | $317 million | Up 85% year-over-year |
| CPN annualized payment volume (Q3 end) | $41 billion | Up more than 15x year-over-year |
| USDC minted and redeemed | $208 billion | Up 42% year-over-year |
| USDC on-chain transaction volume | $13.9 trillion | Up 49% year-over-year |
Guidance and outlook
- Maintaining full year other revenue guidance of $310 million to $330 million.
- Reaffirming full year RLDC margin range of 41.7% to 43.7%.
- Adjusted operating expenses trending towards the high end of the original $570 million to $585 million range.
How management sounded
Positive (+7 on our -10 to +10 scale). Management highlighted an extraordinary inflection point for the industry and reported strong growth in platform metrics, though they remained disciplined regarding 2027 revenue guidance. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Hong Kong Market
Asked: What is the first service Circle would offer in Hong Kong if licensed?
Answer: Management emphasized that Asia is a significant market and they are engaged with the Hong Kong government regarding their stablecoin regime, focusing on bringing USDC advantages and CPN/Arc infrastructure to the region.
Revenue Diversification
Asked: What milestones should investors watch to assess growth beyond interest income?
Answer: Management pointed to the scaling of CPN, the integration of Tazapay, and the transition of Arc to proof-of-stake as key drivers for diversified revenue.
Competition
Asked: What is the strategy for returning USDC circulation to growth while protecting margins?
Answer: Management highlighted their competitive advantage in liquidity and distribution partnerships, noting that USDC's transaction volume share grew to 79% and they are building for long-term adoption.
Cyber Security
Asked: Is the recent breach an industry wake-up call, and what steps can the industry take?
Answer: Management stated that the industry is organizing real-time monitoring and communication channels, and emphasized that Arc is designed with prudential safety standards to provide greater assurance for financial institutions.
What to watch before the next call
- The implementation of the Genius Act in January 2027 and its impact on stablecoin regulation.
- The transition of the Arc network to a proof-of-stake model.
- The closing of the Tazapay acquisition in 2027 and its integration into CPN.
