Circle’s USDC Transaction Volume Rises 49% Even as Reserve Income Faces Pressure

TL;DR: Circle reported $13.9 trillion of USDC onchain transaction volume in the third quarter of 2026, up 49% year over year, while average USDC circulation reached $73.3 billion. The issuer’s results show strong network activity, but that does not translate directly into equivalent revenue growth. Stablecoin businesses are often judged by a single number: how many dollars’ worth of tokens are circulating. Circle’s latest earnings suggest that approach misses a substantial part of what is happening around USDC, and also oversimplifies how the company makes money. In its November 4 SEC-filed results, Circle reported $13.9 trillion in USDC onchain transaction volume for the quarter, an increase of 49% from a year earlier. Average USDC in circulation rose 8% to $73.3 billion, while total revenue and reserve income increased 17% to $865 million. Payments activity and issuer income are different measures A stablecoin can move between users many times without the amount outstanding increasing. That makes onchain transfer volume a useful measure of network activity but a poor substitute for payment revenue, spending by real-world customers or income retained by the issuer. Some onchain ac...