# Circle’s USDC Moves $13.9 Trillion as Its Payments Business Expands

> Circle’s latest results show digital dollars reaching more payment services and business accounts. For investors, the question is how that activity turns into lasting revenue.

By Eric Spivak · November 4, 2026

Canonical: https://blockster.com/circle-usdc-13-9-trillion-payments-business-expands

Circle wants USDC to become part of how businesses pay suppliers, move cash and send money overseas.

Its [third-quarter results](https://www.sec.gov/Archives/edgar/data/1876042/000187604226000309/finalq3epr-110326.htm) show the scale already taking shape: **$13.9 trillion in USDC transactions onchain**, up 49% from a year earlier. Separately, Circle Payments Network reached **$41.3 billion in annualized payment volume**. Those figures measure different things—and understanding the difference explains where the business is heading.

[Post from @circle on X](https://twitter.com/circle/status/2117943692132495729)

## What the $13.9 Trillion Actually Measures

The headline number measures USDC moving across blockchains. Circle identifies it as **unadjusted transaction volume**, so it should not be read as $13.9 trillion of shopping, supplier invoices or money sent home.

It also measures movement, rather than how many digital dollars exist. The same USDC can change hands repeatedly.

Circle Payments Network provides a more focused view of its payments business:

| Measure | Latest figure | What it tells us |
| --- | --- | --- |
| USDC transaction volume | $13.9 trillion in Q3 | Total activity onchain |
| Average USDC circulation | $73.3 billion | Average supply during the quarter |
| CPN annualized payment volume | $41.3 billion | Recent payment activity expressed as a yearly pace |
| Financial institutions enrolled in CPN | 205 | Institutions enrolled across its payment services |

CPN’s annualized figure uses the final 30 days of the quarter. It rose from **$14.7 billion at the end of Q2**, roughly 2.8 times the earlier pace. It does not mean the network processed $41.3 billion during Q3. Circle details the methodology in its [earnings presentation](https://s206.q4cdn.com/265218871/files/doc_earnings/2026/q3/presentation/3Q26-Earnings-Presentation.pdf).

The broader USDC number also needs context: transaction volume was **$14.8 trillion in Q2**, meaning Q3 activity increased year over year but declined about 6% from the preceding quarter, based on Circle’s [second-quarter results](https://www.circle.com/pressroom/circle-reports-second-quarter-2026-results).

## Getting Digital Dollars Into Everyday Payments

The practical challenge is making USDC useful inside services people already use.

Blockster recently covered [Samsung Wallet’s move into USDC transfers](https://blockster.com/samsung-wallet-usdc-galaxy-cross-border-payments). Circle now says eligible U.S. Galaxy users can send money to qualifying bank accounts in more than 60 countries, with recipients receiving local currency.

That final step matters. Someone paying a household bill abroad needs money delivered in a usable form, with clear fees and an arrival time. Blockchain settlement is one part of that experience.

Banks face a similar integration problem. On October 27, [ACI Worldwide and Circle announced a collaboration](https://investor.circle.com/news/news-details/2026/ACI-Worldwide-and-Circle-Collaborate-to-Bring-USDC-Settlement-to-Existing-Payments-Infrastructure-in-Latin-America/default.aspx) beginning with a Colombian pilot. It explores how USDC settlement can work alongside existing payment systems through ACI Connetic.

The project remains a demonstration of how those systems could connect. Its significance is the approach: institutions can evaluate stablecoins within familiar payment operations.

> “The conversation around stablecoins is moving from possibility to practicality.”
>
> — Craig Ramsey, Global Head of Account-to-Account Payments, ACI Worldwide

## Why Circle Wants Tazapay

Circle’s proposed acquisition of Singapore-based [Tazapay](https://partners.circle.com/partner/tazapay) targets another essential part of the journey: connecting digital dollars with local payment networks.

Circle says Tazapay brings more than **$25 billion in annualized payment volume**, over **60 banking and fintech partners**, and payout connections in **more than 100 markets**. The acquisition is expected to close in 2027, subject to regulatory approvals.

Tazapay’s services let businesses collect money, hold balances in different currencies and make local payouts. That helps explain the appeal: a business may want to move digital dollars internationally while its supplier wants a conventional bank deposit.

Circle is also building the infrastructure underneath those services. Its Arc blockchain launched publicly on September 16, and CPN now operates on the network.

The expansion also connects with [Morgan Stanley’s move to tokenize stocks and Treasuries through DTCC](https://blockster.com/morgan-stanley-brings-us-stocks-and-treasuries-onchain). As more investments move onchain, the money used to buy and settle them becomes another part of the infrastructure.

[Post from @circle on X](https://twitter.com/circle/status/2117960506493243781)

## More Activity Does Not Automatically Mean More Profit

Circle reported **$865 million in revenue and reserve income**, up 17%, and **$226 million in net income from continuing operations**, up 5%.

But the revenue mix deserves attention. Income from reserves declined 8% to approximately **$658 million**, while the quarter included **$182 million in ARC token presale revenue**. Circle also disclosed a roughly 5% workforce reduction and $9.1 million in restructuring expenses.

Our recent look at [Tether’s Bitcoin holdings and USDT reserves](https://blockster.com/tether-150000-bitcoin-usdt-reserves) explored a related distinction: a stablecoin issuer’s overall business and the assets backing its tokens are different things. For Circle, payment activity, reserve income and token-sale revenue likewise need to be assessed separately.

The results show why investors need to separate three developments: USDC usage, growth in payment services and the sources of Circle’s earnings.

A larger payments network could give businesses more reasons to use USDC regularly. The next test is whether those relationships produce repeat activity and recurring revenue—and how much of that revenue Circle retains after paying its partners.