USDC Issuer Circle Reports $740M Revenue in Q3, Beating Analyst Forecasts

Circle, the issuer of USDC, reported $740 million in revenue and reserve income for Q3, marking a 66% increase year-on-year and surpassing analyst expectations of $708.92 million. CEO Jeremy Allaire highlighted the accelerated adoption of USDC, driven in part by the launch of the Arc public testnet in October, which saw participation from over 100 companies, including BlackRock and Visa. Analysts predict Circle will achieve a total revenue of $2.68 billion for the year, though the company faced a share price decline leading up to the earnings report. The previous quarter also showed growth, with a 53% revenue increase noted despite a net loss of $4.48 per share. Circle is also exploring the potential launch of a native Arc token, further emphasizing its role in advancing blockchain technology.

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