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@leafmetaX
#CircleQ3USDCVolumeUp49% USDC's on-chain transaction volume grew 49% to $13.9T in Q3. That's a strong signal of growing stablecoin activity.
But there's another side: Circle's reserve income fell 8% to $658M as reserve yields declined.
The real story isn't just growth in usage; it's how sustainably that activity translates into revenue.
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