Circle reported total revenue of $865 million and net income of $226 million in the third quarter.

Circle, the issuer of the stablecoin USDC, announced its third-quarter results, with total revenue and reserve income of $864.9 million, a year-over-year increase of 17%, exceeding market expectations of $776.7 million. Adjusted EBITDA was $317 million, a year-over-year increase of 91%, exceeding expectations of $202.8 million. Circle reported net income of $226 million, exceeding the expected $91.6 million; earnings per share were 84 cents, compared to 64 cents in the same period last year. Circle maintained its guidance, and its shares rose more than 3% in pre-market trading.