Circle Q3 revenue hits $865M record on $182M ARC token presale

Cointime update: Circle reported third-quarter revenue and reserve income of $865 million on November 4, up 17% year over year and a quarterly record, including $182 million from an ARC token presale. Reserve income fell 8% to $658 million as the reserve return rate dropped 61 basis points to 3.5%. USDC average circulation was $73.3 billion, down 4.2% from Q2, while on-chain volume reached $13.9 trillion, up 49%.