Circle sees revenue surge on ARC sales, lays off 5% of staff

Homepage > News > Business > Circle sees revenue surge on ARC sales, lays off 5% of staff TL;DR: Circle’s Q3 revenue rose 17% to nearly $865 million, but a $182 million ARC presale masked weaker underlying revenue, and 5% of staff were cut. USDC on-chain volume jumped 49%, CPN and Tazapay promise future revenue, and the $6.3 billion Binance hack, where Circle froze $823 million, points to tighter regulation. Key Takeaways: Circle’s Q3 revenue and reserve income hit just under $865 million, up 17% year-on-year, while it cut 5% of its workforce. ARC token presale proceeds of $182 million offset declines in other revenue, which would otherwise have fallen to about $25 million. USDC on-chain volume jumped 49% to $13.9 trillion, yet reserve income fell 5% as T-bill yields dropped to 3.5%. New revenue streams coming soonish: CPN annualized volume reached $41.3 billion, and the Tazapay deal is due to close next year. Binance hack to bring greater scrutiny, more regulation, according to CEO Jeremy Allaire, after Circle froze about $823 million in USDC. USDC stablecoin issuer Circle (NASDAQ: CRCL) reported revenue and profit gains in the third quarter, but the company still turfed ...