Circle reported $865 million in third-quarter revenue and reserve income, up 17% from a year earlier, and $226 million in net income from continuing operations, up 5%. The results included $182 million from an ARC token presale, while USDC reserve income fell 8% to $658 million. The source says it is unclear whether token-sale income will recur in future quarters.
Circle said it cut its workforce by about 5% during the quarter and recorded about $9.15 million in restructuring charges. Average USDC circulation rose 8% year over year to $73.3 billion, but quarter-end supply was largely unchanged at $73.9 billion.
