Circle reports $865M Q3 revenue and reserve income and cuts 5% of its workforce

Circle reported third-quarter revenue and reserve income of $865 million, up 17% year over year, and disclosed a workforce reduction of about 5%. Net income from continuing operations was $226 million, against $214.4 million a year earlier, and adjusted EBITDA reached $317 million from $171.5 million.

Average USDC in circulation was $73.3 billion, up 8%, while quarter-end circulation of $73.9 billion was flat year over year. Onchain transaction volume rose 49% to $13.9 trillion. Reserve income fell 8% to $658 million as the reserve return rate dropped 61 basis points.

The restructuring cost $9.1 million, mainly severance and notice pay. Circle did not disclose the number of roles cut; it had about 1,100 employees at the end of 2025. Its agreed acquisition of Tazapay, a Singapore payments firm with more than $25 billion in annualized volume, is expected to close in 2027, subject to regulatory approvals.