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taishiro
Coinbase's Q3 earnings deck already gives us an important clue. Average USDC held across Coinbase products reached a record $22B in Q3, representing roughly 30% of average USDC market capitalization. Coinbase also confirmed this quarter reflected the full impact of the Hyperliquid USDC migration.
That matters because distribution comes at a cost.
#CircleQ3USDCGrowth
taishiro
Circle reports Q3 earnings tomorrow, November 4, and the headline USDC supply figure won't tell the whole story.
USDC adoption is still expanding, but the bigger question is how much of that growth is actually reaching Circle's bottom line.
For context, Circle ended Q3 2025 with approximately $73.7B in USDC circulation, more than doubling year over year. In Q2 2026, circulation stood at $73.3B, up 19% YoY.
#CircleQ3USDCGrowth
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