Circle reported $865 million in third-quarter revenue and reserve income, up 17% from a year earlier, and said it laid off 5% of its staff. The $865 million was not net profit: net income from continuing operations was $226 million, up 5%. Circle reported $9.145 million in quarterly restructuring costs, mainly for employment termination payments and related benefits.
Average USDC circulation rose 8% year over year to $73.3 billion, while onchain transaction volume rose 49% to $13.9 trillion. Circle also said it had agreed to acquire Tazapay; the deal is expected to close in 2027 if it receives regulatory approval.
