Looking at Circle's Q3 financial report, it seems they're undergoing a significant business model transformation— Circle's core USDC reserve interest income is actually declining, while the largest contributor to growth is the pre-sale of tokens from their new public chain, ARC. Of the $865 million in total revenue in Q3 2026, the ARC token pre-sale contributed approximately $182 million, accounting for 21% of the quarter's revenue. The publicly traded company has tasted success; relying on the Federal Reserve is indeed unstable; In the end, it turns out that the crypto world's traditional token issuance skills are still the most profitable!