USDC Transfer Volume Increased by 49%, Circle's Total Revenue Up by 17%

The American company Circle, issuer of the stablecoin USDC, recorded $13.9 trillion in token transfers across blockchain networks for the third quarter of 2026. According to the financial report submitted to the U.S. Securities and Exchange Commission (SEC) on November 4, the figure increased by 49% compared to the same period last year.

The average volume of USDC in circulation increased by 8% to $73.3 billion. Meanwhile, Circle's total revenue and income from reserve assets grew by 17% to $865 million. The difference between these figures reflects the specifics of the stablecoin issuer's business: an increase in the number and volume of transfers does not necessarily lead to a comparable growth in income.

Why USDC Transfer Volume Does Not Equal Payment Revenue

USDC can be transferred multiple times between addresses without changing the total number of tokens in circulation. Therefore, the transfer volume indicates network usage activity but does not directly allow for an assessment of end consumer expenses or Circle's income.

Some operations are related to settlements between cryptocurrency exchanges, liquidity management, and transfers between addresses under common control. Consequently, the $13.9 trillion figure cannot be considered as retail purchase volume or evidence of replacing traditional banking payments.

Circle's net profit from ongoing operations for the quarter was $226 million, up 5% year-over-year. The adjusted EBITDA, reflecting earnings before interest, taxes, depreciation, and amortization with additional adjustments, reached $317 million.

Differences in the dynamics of these indicators are related to the specifics of operating expenses, revenue distribution, and accounting. Each characterizes a separate aspect of the company's financial activities.

Circle's Payment Network Reaches an Annual Transaction Volume of $41.3 Billion

Circle also reported the expansion of its own payment network, Circle Payments Network (CPN), designed for settlements using digital currencies. At the end of the third quarter, its annual transaction volume reached $41.3 billion.

This figure reflects the volume of transactions on an annualized basis at the current pace, rather than the actual payments made over 12 months.

Additionally, Circle has entered into an agreement to acquire Tazapay, a cross-border payment platform for businesses. The deal is expected to close in 2027, subject to obtaining the necessary regulatory approvals.

The acquisition is expected to enhance the integration of traditional banking settlements with digital dollar transfers. However, developing such infrastructure requires integrating banking partners, complying with regulatory requirements, and ensuring access to settlements in local currencies.

What Metrics Determine Circle's Financial Results

According to NewsBTC, the further development of Circle's business depends not only on the volume of USDC in circulation and transfer activity. Important factors include income after token distribution expenses, transaction volume of individual services, yield on reserve assets, and the cost of expanding infrastructure.

The distribution of USDC is also influenced by the regulation of cryptocurrency services. Restrictions on trading certain stablecoins in Europe show that the availability of payment instruments is determined not only by the technical capabilities of the blockchain.

The results of the third quarter confirm the growth in USDC usage and Circle's profits, but they do not independently allow for the determination of the profitability of all the company's payment services. Transfer volume, stablecoin distribution, and financial returns for shareholders remain different metrics.