According to the source, Circle reported $740M in Q3 revenue and beat analyst forecasts, indicating stronger earnings momentum tied to USDC (USDC). Source: user-provided source. Circle’s revenue is primarily driven by interest on USDC reserves held in cash and short-duration U.S. Treasuries via the Circle Reserve Fund, so elevated front-end yields bolster earnings quality. Source: Circle disclosures; BlackRock Circle Reserve Fund documentation; Federal Reserve policy statements. For trading impact, monitor USDC market cap trends, USDC versus USDT share on exchanges, and DeFi lending rates to assess potential shifts in stablecoin liquidity, basis spreads, and cross-venue depth. Source: CoinMarketCap circulating supply data; DeFiLlama stablecoin and lending dashboards. Verify the reported figure against Circle’s official financial communications before positioning, as confirmation or revisions can affect expectations for USDC liquidity programs and spillover flows into BTC and ETH. Source: Circle investor communications.