Circle Q3 performance exceeded expectations, but U.S. stocks fell over 8% during intraday trading

The US stock market shows that stablecoin issuer Circle (NYSE: CRCL) has dropped over 8% during the session, currently priced at $90, with a total market capitalization of approximately $21 billion, down nearly 70% from its historical peak.

In the pre-market, Circle announced its Q3 financial report, showing total revenue and reserve earnings of $740 million in the third quarter, a year-on-year increase of 66%; net profit was $214 million, a year-on-year increase of 202%, both exceeding analysts' previous expectations of $700 million in revenue and $31 million in profit. Additionally, the circulating USDC at the end of the quarter reached $73.7 billion, a year-on-year increase of 108%.