Circle Moved $13.9T in USDC, Yet Reserve Income Shrank

Token sales for Circle’s Arc blockchain supplied a large share of quarterly revenue. Interest income from USDC reserves fell as yields declined. USDC changed hands far more often while its supply stayed roughly flat. Circle is wiring USDC into card networks and bank payment systems. Roughly a fifth of the money Circle booked in the third quarter of 2026 came from selling tokens for its own blockchain, a revenue source that did not exist a year ago.