American Banker and CoinGeek both cover Circle's Q3 earnings but state different year-over-year declines in reserve income.
What all sources agree on
- Circle reported $865 million in total revenue and reserve income, a 17% increase year-over-year.
- The $182 million ARC token presale boosted the quarter's 'other revenue' figure.
- Circle's reserve return rate fell by 61 basis points to 3.5%.
- Circle cut 5% of its workforce, with a $9.1 million restructuring cost tied to the layoffs.
Where the reports disagree
1Year-over-year percentage decline in reserve income
Reserve income decreased 8% YoY as its return rate fell by 61 basis points to 3.5%.
USDC on-chain volume jumped 49% to $13.9 trillion, yet reserve income fell 5% as T-bill yields dropped to 3.5%.
What would settle it: Circle's official Q3 earnings release or SEC filing showing the exact reserve income figures for Q3 and the comparable prior-year quarter.
What to make of it
Treat the $865 million total revenue figure, the 17% year-over-year growth, the $182 million ARC presale boost, and the 3.5% reserve return rate as established since both outlets agree. The exact percentage decline in reserve income (8% versus 5%) is unresolved and should not be cited as a settled figure until checked against Circle's own earnings filing.
Treat the $865 million total revenue figure, the 17% year-over-year growth, the $182 million ARC presale boost, and the 3.5% reserve return rate as established since both outlets agree. The exact percentage decline in reserve income (8% versus 5%) is unresolved and should not be cited as a settled figure until checked against Circle's own earnings filing.