According to CoinMeta, the revenue growth of Circle in the third quarter was mainly concentrated in the pre-sale income of ARC tokens. After deducting this income, the total revenue and reserve earnings decreased by approximately 7.7% year-on-year. During the same period, the on-chain transaction volume of USDC increased by 49%, but reserve earnings decreased by 8% year-on-year. The expansion of the payment network and cooperation scope still needs to be further reflected in sustained fee income and profit contributions.