Circle Internet Group, the issuer of the USDC stablecoin, reported third-quarter 2026 total revenue and reserve income of $865 million on 4 November 2026, up 17% year over year, with net income from continuing operations of $226 million and adjusted EBITDA of $317 million, according to its results release. Fintechbits compared the figures with Circle’s second-quarter results, which it covered in August: onchain USDC volume was $14.8 trillion in the second quarter, so the $13.9 trillion in the third quarter is a sequential fall, even as revenue rose from $701 million to $865 million. Circle Q3 2026 also brought a deal to buy Singapore’s Tazapay.

What Circle Q3 2026 Showed

In Circle Q3 2026, average USDC in circulation was $73.3 billion, up 8% from a year earlier. Onchain transaction volume was $13.9 trillion, up 49% year over year. Net income from continuing operations rose 5% to $226 million, while adjusted EBITDA rose 85% to $317 million.

The Circle Payments Network reached $41.3 billion in annualised total payment volume. Circle signed a definitive agreement to buy Tazapay, a Singapore B2B cross-border payments platform that Circle says handles more than $25 billion in annualised payment volume through 60 or more banking and fintech partners, with about 60% of its volume already involving stablecoins. The deal is expected to close in 2027, pending regulatory approval.

Circle also launched the public mainnet of Arc, its own layer-one blockchain, on 16 September, minted 10 billion ARC tokens, and disclosed a $100 million equity investment from Binance alongside a renewed partnership.

From the Second Quarter to the Third

In August, Circle’s revenue of $701 million missed analyst estimates, and the story was a squeeze between strong volume and weak income as rates fell. Circle Q3 2026 flipped that. Revenue jumped about 23% sequentially while onchain volume dipped. Adjusted EBITDA of $317 million was up 85% on the year, far faster than revenue, which means costs grew much more slowly than income in the quarter. Circle’s release does not break out reserve income separately in its highlights, so the precise driver of the revenue jump needs the full filing.

Fintechbits analysis

Why Circle Q3 2026 Shifts the Story From Volume to Payments

Since its 2025 listing, Circle has been valued mostly on USDC circulation and the interest earned on reserves. That model is exposed to rate cuts, which is why the second quarter disappointed. Circle Q3 2026 is the first quarter where the other income lines look substantial enough to discuss. The third quarter shows the company building other income: a payments network at $41.3 billion of annualised volume, Tazapay’s corridors across Asia Pacific, Latin America and emerging markets, and Arc as infrastructure Circle controls.

Tazapay is the most concrete of these, and the most useful deal in Circle Q3 2026 for the payments story. Buying a cross-border processor with 60 or more existing bank and fintech partners is faster than signing them one at a time, and its stablecoin share shows customers already use the rails Circle wants to sell. The risk is that the deal does not close until 2027 and still needs regulatory approval. Circle’s Chelsea shirt sponsorship is the consumer side of the same push to make USDC a payments brand rather than a trading tool.

Frequently asked questions

What did Circle report for Circle Q3 2026?

Circle reported total revenue and reserve income of $865 million, up 17%, net income from continuing operations of $226 million and adjusted EBITDA of $317 million. Average USDC in circulation was $73.3 billion.

What is Tazapay?

Tazapay is a Singapore-headquartered B2B cross-border payments platform that Circle agreed to acquire. Circle says it handles more than $25 billion in annualised payment volume.

What is Arc?

Arc is Circle’s own layer-one blockchain. Its public mainnet launched on 16 September 2026, and Circle minted an initial supply of 10 billion ARC tokens.

What to Watch Next

After Circle Q3 2026, the fourth-quarter number to watch is revenue excluding reserve income, which will show whether payments and Arc can earn money that does not depend on interest rates. The second is Tazapay’s approval timeline, since a 2027 close leaves a long gap for competitors to sign the same corridors.