After looking at Circle's Q3 financial report, it feels like they are undergoing a very important transformation in their business model -

The core revenue from USDC reserves is actually declining, while the largest contribution to growth comes from the token presale of the new blockchain ARC.

In the total revenue of 865 million dollars for Q3 of 2026, the ARC token presale contributed about 182 million dollars, accounting for 21% of the total quarterly revenue.

The publicly listed company seems to have tasted the sweetness, but relying on the Federal Reserve's support is indeed unstable;

In the end, it turns out that the time-honored skill of issuing tokens in the crypto industry is the most profitable!

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