Circle Q3 Revenue Rises 17% to $865M on ARC Token Sale as Reserve Income Falls

Circle’s (CRCL) third-quarter revenue and reserve income rose 17% to $865 million, as per the company’s latest Q3 earnings report. The total included $182 million from the presale of ARC, the native token of Circle’s Arc blockchain. The presale lifted other revenue to $207 million from $29 million a year earlier. Reserve income, the interest Circle earns on the assets backing USDC, fell 8% to $658 million. Circle said the decline came mainly from a 61 basis point drop in its reserve return rate, to 3.5%. Average USDC in circulation grew 8% to $73.3 billion, which partly offset the lower rate. Presale Comes With Repayment Rights Net income from continuing operations rose 5% to $226 million.