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TL;DR: Circle reported $13.9 trillion of USDC onchain transaction volume in the third quarter of 2026, up 49% year over year, while average USDC circulation reached $73.3 billion. The issuer’s results show strong network activity, but that does not translate directly into equivalent revenue growth.
Stablecoin businesses are often judged by a single number: how many dollars’ worth of tokens are circulating. Circle’s latest earnings suggest that approach misses a substantial part of what is happening around USDC, and also oversimplifies how the company makes money.
In its November 4 SEC-filed results, Circle reported $13.9 trillion in USDC onchain transaction volume for the quarter, an increase of 49% from a year earlier. Average USDC in circulation rose 8% to $73.3 billion, while total revenue and reserve income increased 17% to $865 million.
Payments activity and issuer income are different measures
A stablecoin can move between users many times without the amount outstanding increasing. That makes onchain transfer volume a useful measure of network activity but a poor substitute for payment revenue, spending by real-world customers or income retained by the issuer.
Some onchain activity also reflects exchange settlement, liquidity management and transfers between controlled addresses. It would be a mistake to present $13.9 trillion as a tally of retail purchases or to assume the growth rate proves stablecoins have replaced ordinary banking payments.
Circle’s net income from continuing operations reached $226 million, up 5% year on year. Adjusted EBITDA increased 85% to $317 million. Differences in the growth rates reflect a changing mix of operational, distribution and accounting factors; investors should assess the underlying disclosures rather than treating all three numbers as interchangeable signals.
A growing payments network alongside USDC
Circle highlighted that its payments network reached $41.3 billion in annualised total payment volume during the quarter. It also announced plans to acquire Tazapay, a cross-border payments platform, with completion expected in 2027 subject to approvals. These initiatives aim to make it easier for businesses to move between traditional payment systems and digital-dollar settlement.
This strategy faces a practical challenge: issuing a token is relatively simple compared with connecting a broad set of banking, compliance and payout arrangements. Customers require dependable redemption, useful local currency access and clear rules. Onchain transaction volumes alone do not tell us whether those services are profitable.
The competitive environment is also changing. As NewsBTC noted when some stablecoins faced new European trading restrictions, distribution is shaped by regulation as well as technology. An issuer needs both.
The indicators to follow into 2027
Beyond the headline USDC supply, the key numbers are revenue after distribution costs, payment volumes generated by identifiable services, changes in the reserve-income environment and the cost of expanding infrastructure. Circle has shown activity and profit growth, but it must continue converting that network usage into durable economics.
The bigger story is a maturing business model. Stablecoins increasingly compete as financial infrastructure, not simply as exchange trading pairs. Circle’s quarter offers evidence that USDC is moving at scale, while also reminding readers that volume, adoption and shareholder returns are three different questions.
This article was written by the News Desk and edited by Samuel Rae.
Featured image: Illustrative photograph of US 100-dollar banknotes. Photo: Maklay62 via Wikimedia Commons, released under CC0 1.0 Public Domain Dedication.
