Update
Circle Reports Revenue Growth Despite Reserve Income Decline
Circle, the issuer of USDC stablecoin, reported a 17% revenue growth and an earnings beat in Q3, but excluding the ARC presale revenue, the company's adjusted EBITDA would have been approximately $135 million, down from $143 million in the preceding quarter. The ARC presale contributed $182 million to the reported $865 million in total revenue and reserve income, which grew 17% year over year. The traditional reserve business saw a 8% decrease in average yield to 3.5%, offsetting an 8% increase in average USDC circulation.