Slides
Page 1
Q3 2026 Earnings Presentation November 4, 2026
Page 2
This presentation does not constitute an offer to sell or a solicitation of an offer to buy securities or an invitation or inducement to engage in investment activity. Non-GAAP Financial Measures We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, Adjusted EBITDA and Adjusted Operating Expenses are non-GAAP financial measures regarding our operational performance. Management and our board of directors use non-GAAP financial measures to (i) monitor and evaluate the growth and performance of our business operations, (ii) evaluate our historical and prospective financial performance as well as our performance relative to our competitors, (iii) review and assess the performance of our management team and other employees, and (iv) prepare budgets and evaluate strategic investments. Accordingly, we believe that non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Non-GAAP financial measures, including Adjusted EBITDA and Adjusted Operating Expenses, have limitations as financial measures and should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with GAAP. Adjusted EBITDA. Adjusted EBITDA is calculated as net income from continuing operations excluding: net loss attributable to noncontrolling interests; depreciation and amortization expenses; interest expense, net of amortization of discounts and premiums; interest income; income tax expense (benefit); stock-based compensation expense and payroll tax expense related to stock-based compensation; certain legal expenses; realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments, and strategic investments; realized (gains) losses on available-for-sale debt securities; impairment losses on strategic investments; restructuring expenses; acquisition-related costs; change in fair value of convertible debt, warrant liability, embedded derivatives, and U.S. Treasury securities; charitable contributions to Circle Foundation; losses on sale of long-lived assets; and foreign currency exchange (gains) losses. Beginning in the first quarter of 2026, we have amended the above definition of Adjusted EBITDA to exclude payroll tax expense related to stock-based compensation, because these taxes are directly related to stock-based compensation expense which is already excluded from Adjusted EBITDA. These expenses represent employer payroll taxes related to the vesting and settlement of certain equity awards, and are variable with our stock price and other factors outside of our control. We believe it is useful to exclude non-cash charges, such as depreciation and amortization, stock-based compensation expense, and change in fair value of various financial instruments as well as certain cash charges such as payroll tax related to stock-based compensation from Adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax expense (benefit), interest income, interest expense, and non-routine items as these items are not components of our core business operations. Adjusted Operating Expenses. Adjusted Operating Expenses excludes depreciation and amortization, charitable contributions to Circle Foundation, digital assets losses (gains), stock-based compensation, and restructuring expenses. Beginning in the first quarter of 2026, we have amended the definition of Adjusted Operating Expenses to exclude (a) payroll tax expense related to stock-based compensation, because these taxes are directly related to stock-based compensation expense which is already excluded from Adjusted Operating Expenses and these taxes are variable with our stock price and other factors outside of our control (which will also be reflected in Adjusted EBITDA as discussed above), as well as (b) certain one-time legal expenses, acquisition-related costs, and where relevant, restructuring expenses, as they reflect the same adjustments as in Adjusted EBITDA. We believe it is useful to exclude certain non-cash charges from Adjusted Operating Expenses because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We have provided a reconciliation below of Adjusted EBITDA to Net Income from Continuing Operations and of Adjusted Operating Expenses to Operating Expenses, in each case, the most directly comparable GAAP financial measure. Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position; our plans with respect to the anticipated future expenses and investments; expectations relating to certain of our key financial and operating metrics; our business strategy and plans; expectations relating to legal and regulatory proceedings; expectations relating to our industry, the regulatory environment, market conditions, trends, and growth; expectations relating to customer behaviors and preferences; our market position; potential market opportunities; and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, but not limited to: intense and increasing competition from new and existing issuers offering competing products, combined with the rise of yield-bearing digital assets, including TMMFs, that are attractive to digital asset trading participants, may reduce market demand and circulation of Circle stablecoins; stablecoins may face periods of uncertainty, loss of trust, or systemic shocks resulting in the potential for rapid redemption requests (or runs), and extreme scenarios, such as market shocks that affect the value of USDC’s reserves or simultaneous requests to redeem all or substantially all USDC in circulation, or concerns related to Circle stablecoin reserves, may lead to redemption delays and USDC reserves being insufficient to meet all redemption requests; as a relatively new innovation, stablecoins are particularly susceptible to operational challenges and risks, including due to surges in demand; any negative publicity regarding stablecoins or the broader digital asset industry may have an outsized negative effect on consumer confidence; the acceptance of Circle stablecoins could be negatively impacted by disruptions in secondary marketplaces that facilitate the purchase and sale of Circle stablecoins; the GENIUS Act will change the payment stablecoin ecosystem and may affect our business in ways that cannot yet be known; the GENIUS Act amends the U.S. federal securities laws to explicitly exclude from the definition of “security” payment stablecoins issued by PPSIs, which will include USDC; however, until those amendments are effective, we will continue to rely on our conclusion that USDC is not a security under the U.S. federal securities laws; we hold a substantial amount of USDC reserves in the Circle Reserve Fund and thus are subject to risks associated with the issuer, the manager, and the custodian of the Circle Reserve Fund; any significant disruption in our or our third-party service providers’ or partners’ technology could result in a loss of customers or funds and adversely impact our business, results of operations, financial condition, and prospects; our customers’ funds and digital assets may fail to be adequately safeguarded by us or the third-party service providers upon whom we rely; our inability to maintain existing relationships with financial institutions and similar firms or to enter into new such relationships could impact our ability to offer services to customers; we are subject to credit risks in respect of counterparties, including banks and other financial institutions; if we are unable to maintain existing distribution arrangements or if we enter into additional distribution arrangements on less favorable financial terms, USDC and EURC in circulation and Circle’s financial results may be adversely affected; Arc and the ARC token involve execution, market, and operational risk, including risks relating to launch timing, ecosystem adoption in a competitive blockchain market, technology and cybersecurity vulnerabilities, validator and governance dynamics, token price volatility, and the operational complexity of running the network and related treasury infrastructure; Arc and the ARC token present legal, regulatory, and structural risk, including uncertainty under securities and other financial regulatory regimes, risks arising from token presale and distribution arrangements, potential liability tied to third-party ecosystem participants, conflicts and governance issues during any transition to decentralization, and possible repayment obligations if key launch milestones are not achieved; our products and services may be exploited by our customers, employees, service providers, and other third parties to facilitate illegal activity such as fraud, money laundering, terrorist financing, gambling, tax evasion, and scams; our compliance and risk management methods might not be effective; fluctuations in interest rates could impact our results of operations; we are subject to an extensive and highly evolving regulatory landscape; the regulatory environment to which we are subject gives rise to various licensing requirements, significant compliance costs, and other restrictions, and noncompliance could result in a range of penalties, including fines, compliance costs, operational restrictions, reputational damage, and loss of licenses; we are subject to laws, regulations, and executive orders regarding economic and trade sanctions, anti-bribery, AML, and counter-terrorism financing that could impair our ability to compete in international markets or subject us to criminal or civil liability if we violate them; insiders will continue to have substantial control over Circle and limit shareholders’ ability to influence the outcome of key transactions, including a change of control; and our development and use of artificial intelligence in our business could result in reputational harm, competitive harm, and legal liability. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. For a detailed discussion of the risks, uncertainties, and other factors that could cause our actual results to differ materially from those anticipated or expressed in any forward-looking statements, see the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on March 9, 2026 as well as in other filings we may make with the SEC from time to time. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 2
Page 3
AN INFLECTION POINT · THE GENIUS ACT TAKES EFFECT JANUARY 2027 This is Circle’s moment Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 3 Regulated digital dollars are entering the mainstream, and Circle is built for it. JANUARY 2027 The GENIUS Act takes effect Regulated digital dollars like USDC are expected to become a federally recognized part of the U.S. dollar financial system, and an even more recognized part of the global financial system. NOW ANY INSTITUTION CAN BUILD WITH CONFIDENCE Banks Payments firms Public companies Financial services Technology companies CIRCLE IS MADE FOR THIS MOMENT Market leadership USDC is the world’s largest regulated digital dollar → 79% of stablecoin volume in Q3 Deep global liquidity 1:1 mint and redeem, around the clock, through banking partners worldwide → $208B minted and redeemed in Q3 Technology infrastructure One platform for internet-native money, from issuance to settlement → USDC · CPN · Arc, all live Circle National Trust Federally chartered by the OCC, alongside our New York trust charter → Federally supervised, GENIUS-ready → In Q3, that foundation kept compounding Q3 figures: company data and Visa Onchain Analytics (unadjusted) as of September 30, 2026.
Page 4
THE CIRCLE PLATFORM Three networks, each compounding the others Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 4 Circle Apps CPN and more: a global network of institutions More members more value Arc The economic OS: money, assets, contracts, governance Builders → apps → activity Digital Assets Regulated digital money: USDC, EURC, USYC, cirBTC Adoption → liquidity → utility USDC adoption drives demand for CPN CPN drives demand for our digital assets CPN brings traffic and usage onto Arc Arc gives CPN instant, programmable settlement Arc apps and assets create USDC demand USDC is the money Arc runs on ONE PLATFORM Every new member, builder, and asset makes the whole platform more valuable
Page 5
Q3 2026 HIGHLIGHTS Q3 brought platform milestones and strong financial results $73.3B Average USDC in circulation¹ $13.9T USDC onchain transaction volume² +49% YoY $865M Total revenue and reserve income +17% YoY $317M Adjusted EBITDA³, 70% margin⁴ PLATFORM MILESTONES Arc Mainnet live Launched Sept 16 with 11 founding validators and 100+ apps CPN $41B annualized TPV Up 15.2x YoY, with 205 financial institutions enrolled Tazapay Agreement to acquire announced Expected 2027 close, brings USDC to the last mile and accelerates CPN Global reach Binance renewal Five years, plus $100M equity investment Chelsea FC USDC on the front of the shirt for 2026/27 Continued adoption Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 5 1 USDC in circulation, average of period is the simple daily average of USDC in circulation. Values exclude tokens allowed but not issued, access denied tokens, and pending burns. 2 Unadjusted, per Visa Onchain Analytics. 3 Non-GAAP; see Appendix. 4 Adj. EBITDA / total revenue and reserve income less total distribution, transaction, and other costs. See the appendix for a reconciliation. +85% YoY +8% YoY
Page 6
Binance and Chelsea expand USDC’s global reach ACTIVATION Binance World’s largest digital asset platform; USDC agreement renewed for five years 300M+ registered users 77%1 of Binance users are in emerging markets AWARENESS Chelsea FC Principal Partner and front-of-shirt sponsor for the 2026/27 season 650M+ fans worldwide 189 countries where Premier League matches reach 1.2B homes 1 Binance Research, “Finance Without Frontiers,” May 2026. 2 Chelsea FC, “Chelsea welcomes Twilio in multi-year partnership.” 2 Premier League, “Premier League celebrates one year in India,” 2026. Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 6 1 Binance Research, “Finance Without Frontiers,” May 2026. Digital assets Circle apps Arc
Page 7
CPN annualized TPV grew 15.2x YoY (2.8x QoQ) Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 7 1 Total Payment Volume (TPV) is calculated using the trailing 30 days as of quarter end. 2 As of September 30, 2026, represents total number of customers who have enrolled in Stablecoin Payouts, Stablecoin Payins, Managed Payments, Treasury Management, and Fiat Payouts since CPN launch. ANNUALIZED TPV ($B)1 15.2x YoY $2.7 Q3'25 $6.7 Q4'25 $8.3 Q1'26 $14.7 Q2'26 $41.3 Q3'26 205 financial institutions enrolled2, up 4.4x YoY EXPANDING FULL-STACK PAYMENTS INFRASTRUCTURE TREASURY MANAGEMENT Enables treasury teams to move USDC and EURC across subsidiaries and counterparties through familiar platforms, including Kyriba and Tereina, a SAP-backed company. CPN ON ARC Launched CPN on Arc Mainnet, establishing Arc as the preferred settlement layer on CPN with sub-second finality, sub-cent gas fees in digital dollars, and agent-ready rails. AGENTIC PAYMENTS Extended CPN Managed Payments to businesses selling data, content, or access so they can accept agentic payments without building payments infrastructure. AI-POWERED PAYMENT OPERATIONS Expanded the use of AI to reduce payment investigation times to minutes and extended operations to 24/7 coverage to support growth in customers and payment volume. Digital assets Circle apps Arc
Page 8
Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 8Note: Tazapay figures as of July 31, 2026. Tazapay: Bringing USDC to the last mile LOCAL RAIL IN EMERGING MARKETS Bank relationships, virtual accounts, and payout connections across APAC and emerging markets ACCELERATES CPN PRODUCT Expands CPN footprint, fiat connectivity depth, and new product capabilities for PSPs and FIs building on CPN LICENSED FOOTPRINT Singapore, Canada, Australia, and the U.S.; EU, Hong Kong, and UAE in progress + Digital assets Circle apps Arc $25B+ Annualized payment volume ~60% Of volume already involves stablecoins 100+ Payout markets 60+ Banking and fintech partners $400M Class A Common Stock consideration
Page 9
Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 9 Arc is live: focus is scaling transactions, assets, integrations, and new apps BUILT INTO THE INDUSTRY RECENT WINS ARC SECTORS · ROADMAP $1.5B Assets on Arc $30B+ USDC volume since mainnet launch ~$1B a day over the past week ~500K Transactions per day 50M+ transactions since launch ■ USDC $1.1B ■ cirBTC $410M ■ EURC $10M Digital assets Circle apps Arc 100+ institutions & apps BANKS BNY · HSBC · Société Générale · State Street PAYMENTS JCB · Mastercard · MoneyGram · Visa EXCHANGES Binance · Bybit · Coinbase · Kraken · OKX ASSETS BUIDL · USYC · Bitwise · Janus Henderson DEFI Aave · Morpho · Uniswap Coinbase Live on its exchange and wallets Extended Moved perps settlement to Arc Aster Launched USDC-quoted perps xStocks Tokenized stocks & ETFs on Arc Privacy Sector Opt-in confidentiality with selective disclosure Payment Sector A dedicated lane for high-volume payments, 100K+ TPS target Agent Sector Verified identity, mandates, and audit trails for AI agents 11 FOUNDING VALIDATORS Sources: Arc RPC, CoinGecko, DefiLlama, Registrai, Dune, company data. As of Oct 30, 2026. Sectors are in development.
Page 10
Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 10 By Q1 2027, AI agents can be found, hired, paid, and trusted for the work they do, running on Circle. Agent Stack: The Agentic Economy Opens for Business ALREADY TODAY 99.6% of agent payments settle in USDC¹ · ~2,800 endpoints listed for agents² Illustrative scenarios. Timelines are plans and may change. 1 Share of x402 payment volume, Artemis, as of October 25, 2026. 2 Circle agent marketplace, as of October 25, 2026. WHAT AGENTS CAN DO ON CIRCLE Earn by the call A two-person startup's data service earns from other agents, around the clock. No signups, no invoices. Earn by the second A translation agent is paid for every second of every live call it serves. Hire a team One founder runs a whole business with a team of 37 agents, each with its own budget. Get found on merit An agent built in Manila wins a buyer in Rotterdam it has never met, on its track record alone. OPEN FOR BUSINESS Q1 2027 1 Publish a paid service 2 Get found by any agent 3 Get paid per call or second 4 Settle instantly, in USDC 5Build trust from real work 6Win again on track record
Page 11
Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 11 1 CoinMarketCap as of September 30, 2026: USDC as a share of U.S. dollar fiat-backed stablecoins with circulation above $100 million and periodic public attestations. 2 Visa Onchain Analytics, unadjusted. 3 Q3 2026 onchain transaction volume divided by average circulation (Visa Onchain Analytics, CoinMarketCap). Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 11 $274B Stablecoin supply1 +8% YoY and ~flat through 2026 $13.9T USDC onchain volume, Q32 +49% YoY, vs. +26% for all stablecoins 190x USDC turnover, Q33 Each USDC in circulation moved ~190 times, about 10× the rate of USDT Digital assets Circle apps Arc Supply is steady, USDC usage keeps climbing USDC SHARE OF STABLECOINS Share of transaction volume vs. share of supply in circulation ● Share of transaction volume² ● Share of supply¹ 50% 66% 29% Q3'25 68% 28% Q4'25 82% 28% Q1'26 78% 27% Q2'26 79% 27% Q3'26 2.9x share of supply
Page 12
Source: Company data as of September 30, 2026. ≈ $2.3B every day is Q3 2026 mint and redeem volume divided by 92 days. 1 As of October 25, 2026. 2 Information about USYC is directed only to individuals and entities who are not US Persons, as defined in Regulation S under the Securities Act of 1933. Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 12Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 12 €413M EURC in circulation Largest euro stablecoin in the world1 Digital assets Circle apps Arc Liquidity infrastructure for global settlement USDC MINT AND REDEEM VOLUME ($B) A LIQUIDITY MOAT THAT COMPOUNDS USDC primary liquidity 1:1 mint and redeem, 24/7, worldwide Deep, instant liquidity More venues and institutions settle in USDC More flow through our pipes BEYOND THE DOLLAR +92% YoY $2.4B USYC assets One of the largest tokenized MMFs1,2 +230% YoY +42% YoY · ≈ $2.3B every day · $523B year to date ■ Minted: dollars in ■ Redeemed: dollars out $147 $80 $67 Q3'25 $163 $82 $81 Q4'25 $145 $73 $72 Q1'26 $170 $83 $87 Q2'26 $208 $104 $104 Q3'26 $208B in Q3, a record quarter
Page 13
Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 13 THE ROAD AHEAD This is the moment to seize We are investing to win As digital dollars reach from hundreds of millions of people to billions, and millions of businesses A platform built for this moment As the financial system moves onto the internet The leading digital dollar USDC: regulated, liquid, and everywhere New platforms, real traction CPN and Arc scaling quickly More entrenched every quarter Network utility compounding worldwide → Next: how we are investing to scale
Page 14
Financial Performance & Guidance Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 14
Page 15
USDC CIRCULATION AND RESERVE INCOME The reserve engine: steady balances, a stabilizing rate $73.3B Average USDC in circulation¹ 3.54% Reserve return rate $658M Reserve income ($M)3 Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 15 × = $67.8 Q3'25 EoP $73.7 $76.2 Q4'25 $75.3 $75.2 Q1'26 $77.0 $76.5 Q2'26 $73.3 $73.3 Q3'26 $73.9 +8% YoY -61bps YoY 4.15% Q3'25 3.81% Q4'25 3.50% Q1'26 3.48% Q2'26 3.54% Q3'26 -8% YoY $711 Q3'25 $733 Q4'25 $653 Q1'26 $668 Q2'26 $658 Q3'26 WHERE USDC SITS (EOP MIX) ■ Circle ■ Coinbase ■ Off platform Q3'25 14% 24% 62% Q4'25 17% 24% 59% Q1'26 18% 27% 55% Q2'26 17% 30% 53% Q3'26 19% 31% 50% 37.8% Net reserve margin2 +66bps YoY 37.1% Q3'25 37.2% Q4'25 37.9% Q1'26 38.5% Q2'26 37.8% Q3'26 Source: Company data. 1 USDC in circulation, end of period (EoP) is the total amount of USDC minted and outstanding; average of period is the simple daily average. Values exclude tokens allowed but not issued, access denied tokens, and pending burns. 2 Net Reserve Margin is Reserve Income less Distribution and Transaction Costs as a percentage of Reserve Income. 3 Reserve income is total revenue and reserve income less other revenue; it reflects daily balances and returns, so the relationship shown is approximate.
Page 16
REVENUE AND RESERVE INCOME Revenue up 17%, with ARC adding a new revenue line $865M Revenue & reserve income $683M excl. ARC 52.4% RLDC margin1 39.7% excl. ARC Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 16 +17% YoY RLDC MARGIN $740 Q3’25 $770 Q4’25 $694 Q1’26 $701 Q2’26 $182 ARC $865 Q3’26 39.5% 40.1% 41.4% 41.2% 52.4% 39.7% excl. ARC Reserve income Other Revenue excl. ARC ARC token sales $207M Other revenue ($M) Incl. $182M ARC token sales; $25M excl. ARC Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Subscription & services 24 25 35 28 20 Transaction 5 12 7 6 5 ARC token sales – – – – 182 Total 29 37 42 34 207 Source: Company data. Reserve income is total revenue and reserve income less other revenue; core other revenue is subscription & services and transaction revenue. 1 RLDC / total revenue and reserve income. $683
Page 17
REVENUE EBITDA TIMING STAKE Staking rewards ARC earned for staking and running a validator Other Revenue Recurring¹ When received after proof of stake SELL Token sales ARC sold selectively to advance network development Other Revenue Adds to EBITDA Adds to EBITDA Event Based Upon Completion INCENTIVIZE Ecosystem incentives ARC used to reward developers and partners Other Revenue Neutral: offset in other distribution costs When distributed HOLD Circle’s holdings 2.5B ARC tokens, 25% of total supply Recognized only when sold Long-term Only when sold or distributed 1 Network rewards begin once Arc transitions to proof of stake and are recorded at fair market value when received. Subject to final accounting determinations. Recognized only when sold Ongoing Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 17 ARC ECONOMICS How Circle captures value from Arc
Page 18
RLDC AND ADJUSTED EBITDA Q3, from top to bottom Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 18 Q3 2026, FROM REVENUE TO ADJUSTED EBITDA ($M) ■ Excl. ARC token sales ■ ARC token sales ■ Costs Total revenue & reserve income $683 $182 $865M +17% YoY Distribution, transaction & other costs −$412M RLDC $271 $182 $453M 52.4% margin1 · 39.7% excl. ARC Adjusted operating expenses² −$139M +13% YoY Adjusted EBITDA³ $135 $182 $317M 70% margin⁴ · 50% excl. ARC FIVE-QUARTER VIEW Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 YoY RLDC ($M) 292 309 287 289 453 271 ex-ARC +55% RLDC margin1 39.5% 40.1% 41.4% 41.2% 52.4% 39.7% ex-ARC +13pts Adj. opex ($M)2 123 133 136 146 139 +13% Adj. EBITDA ($M)3 171 176 151 143 317 135 ex-ARC +85% EBITDA margin4 59% 57% 53% 50% 70% 50% ex-ARC +11pts Source: Company data. 1 Revenue Less Distribution Costs (RLDC) Margin is Total Revenue & Reserve Income less Total Distribution, Transaction & Other Costs as a percentage of Total Revenue & Reserve Income. 2 Adjusted Operating Expenses is a non-GAAP financial measure. See the Appendix for a reconciliation. 3 Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for a reconciliation. Beginning in the first quarter of 2026, the definition of Adjusted EBITDA has been amended to exclude payroll tax expense related to stock-based compensation. Prior periods have been conformed to current presentation. The payroll tax expense related to stock-based compensation for each period presented is as follows: Q3’25: $5.0M; Q4’25: $8.4M; Q1’26: $10.6M; Q2’26: $7.6M; Q3’26: $2.7M. 4 Adjusted EBITDA Margin is calculated as Adjusted EBITDA (New Definition) / Total Revenue and Reserve Income less Total Distribution, Transaction & Other Costs.
Page 19
USDC in Circulation Multi-year through cycle 40% CAGR Other Revenue FY 2026 $310-330M3 RLDC Margin1 FY 2026 41.7-43.7%3 Adjusted OpEx2 FY 2026 $570-585M Other Revenue $310-330M3 RLDC Margin1 41.7-43.7%3 Adjusted OpEx2 $570-585M Key Indicator Source: Company data. 1 Revenue Less Distribution Costs (RLDC) Margin is Total Revenue & Reserve Income less Total Distribution, Transaction & Other Costs as a percentage of Total Revenue & Reserve Income. 2 Adjusted Operating Expenses is a non-GAAP financial measure. See the Appendix for a reconciliation. 3 Includes recognized ARC token presale revenue. Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 19 Guidance Guidance Unchanged Guidance PeriodKey Indicator Guidance Unchanged
Page 20
Appendix Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 20
Page 21
Three Months Ended Nine Months Ended (in $ millions) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 (unaudited) (unaudited) (unaudited) (unaudited) Revenue and reserve income Reserve income $658 $711 $1,978 $1,903 Other revenue 207 29 282 73 Total revenue and reserve income 865 740 2,260 1,976 Distribution, transaction and other costs Distribution and transaction costs 409 447 1,225 1,201 Other costs 2 0 6 1 Total distribution, transaction and other costs 412 448 1,231 1,202 Operating expenses Compensation expenses 124 129 396 708 General and administrative expenses 60 45 183 119 Depreciation and amortization expenses 34 23 91 51 IT infrastructure costs 18 9 47 26 Marketing expenses 11 6 27 17 Digital assets losses (gains) (2) (2) (2) 4 Total operating expenses 245 211 742 926 Operating income (loss) from continuing operations 208 81 288 (152) Other income (expense), net 20 72 50 (91) Net income (loss) from continuing operations before income taxes 228 153 337 (243) Income tax expense (benefit) 2 (61) 8 (40) Net income (loss) from continuing operations 226 214 329 (203) Less: Net loss attributable to noncontrolling interests (0) — (0) — Net income (loss) attributable to common stockholders $226 $214 $329 ($203) Condensed consolidated statement of operations Note: Figures presented may not sum precisely due to rounding. Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 21
Page 22
(in $ millions) September 30, 2026 December 31, 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,700 $ 1,526 Cash and cash equivalents segregated for corporate-held stablecoins 1,016 823 Cash and cash equivalents segregated for the benefit of stablecoin holders 73,575 75,068 Accounts receivable, net 68 63 Stablecoins receivable, net 6 — Prepaid expenses and other current assets 334 322 Total current assets 76,699 77,801 Non-current assets: Restricted cash 3 3 Investments 124 84 Fixed assets, net 21 23 Digital assets 130 87 Goodwill 266 266 Intangible assets, net 446 411 Deferred tax assets, net 9 11 Other non-current assets 27 27 Total assets $ 77,726 $ 78,713 Condensed consolidated balance sheets Note: Figures presented may not sum precisely due to rounding. Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 22
Page 23
Condensed consolidated balance sheets (cont’d) (in $ millions) September 30, 2026 December 31, 2025 (unaudited) LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Deposits from stablecoin holders $ 73,451 $ 74,913 Accounts payable and accrued expenses 291 361 Convertible debt, net of debt discount — 37 Other current liabilities 73 18 Total current liabilities 73,815 75,328 Non-current liabilities: Deferred tax liabilities, net 27 29 Other non-current liabilities 19 25 Total liabilities $ 73,862 $ 75,382 Note: Figures presented may not sum precisely due to rounding. Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 23
Page 24
Condensed consolidated balance sheets (cont’d) Note: Figures presented may not sum precisely due to rounding. (in $ millions, except share information) September 30, 2026 December 31, 2025 (unaudited) Stockholders’ equity Class A common stock ($0.0001 par value; 2.5 billion authorized as of September 30, 2026 and December 31, 2025; 237.1 million and 223.6 million issued and outstanding as of September 30, 2026 and December 31, 2025, respectively) 0 0 Class B common stock ($0.0001 par value; 500.0 million authorized as of September 30, 2026 and December 31, 2025; 19.1 million and 18.7 million issued and outstanding as of September 30, 2026 and December 31, 2025, respectively) 0 0 Class C common stock ($0.0001 par value; 500.0 million authorized as of September 30, 2026 and December 31, 2025; nil issued and outstanding as of September 30, 2026 and December 31, 2025) — — Treasury stock at cost (4.5 million and 4.7 million shares held as of September 30, 2026 and December 31, 2025, respectively) (3) (3) Additional paid-in capital 4,823 4,610 Accumulated deficit (963) (1,293) Accumulated other comprehensive income 5 15 Total stockholders’ equity attributable to common stockholders 3,862 3,329 Noncontrolling interests 1 1 Total stockholders’ equity 3,864 3,331 Total liabilities and stockholders’ equity $ 77,726 $ 78,713 Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 24
Page 25
(in $ millions, except RLDC Margin and Net Reserve Margin) Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Reserve Income $ 658 $ 668 $ 653 $ 733 $ 711 Other Revenue 207 34 42 37 29 Total Revenue and Reserve Income $ 865 $ 701 $ 694 $ 770 $ 740 Distribution and Transaction Costs $ 409 $ 410 $ 405 $ 461 $ 447 Other Costs 2 2 1 1 0 Total Distribution, Transaction and Other Costs $ 412 $ 412 $ 407 $ 461 $ 448 Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs $ 453 $ 289 $ 287 $ 309 $ 292 RLDC Margin1 52% 41% 41% 40% 39% Net Reserve Margin2 38% 39% 38% 37% 37% Calculation of RLDC margin and NRM Note: Figures presented may not sum precisely due to rounding. 1 RLDC Margin is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction, and Other Costs as a percentage of Total Revenue and Reserve Income. 2 Net Reserve Margin is Reserve Income less Distribution and Transaction costs as a percentage of Reserve Income. Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 25
Page 26
Reconciliation of Adjusted EBITDA to Net income from continuing operations Note: Figures presented may not sum precisely due to rounding. 1 Reflects interest income from corporate cash and cash and cash equivalents balances. For the avoidance of doubt, this amount does not include the impact of reserve income. 2 Includes -$5.7 million of stock-based compensation expense in connection with the restructuring as discussed in (4) below due to related RSU forfeitures for the three months ended September 30, 2026. 3 Reflects litigation expenses related to the FT Partners litigation, legal and settlement expenses related to legacy businesses, and legal fees and other costs related to one-time regulatory matters. 4 Reflects the charges related to a workforce reduction of approximately 5% designed to better align our organizational structure with our operating model and strategic priorities. Restructuring expenses primarily consisted of cash expenditures for notice period and severance payments, employee benefits, and related costs. 5 Reflects one-time legal and professional services costs related to the pending Tazapay acquisition for the three months ended September 30, 2026, and special one-time compensation related to an asset acquisition that closed in January 2026 for the three and nine months ended September 30, 2026. 6 Reflects the charge related to the charitable contribution of shares of our Class A common stock for the benefit of Circle Foundation, a donor-advised fund. 7 Beginning in the first quarter of 2026, we have amended the definition of Adjusted EBITDA to exclude payroll tax expense related to stock-based compensation. (in $ millions) Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Net income from continuing operations $ 226 $ 48 $ 55 $ 133 $ 214 Less: Net loss attributable to noncontrolling interests (0) (0) (0) (0) — Net income attributable to common stockholders $ 226 $ 48 $ 55 $ 133 $ 214 Adjusted for: Depreciation and amortization expenses 34 30 27 26 23 Interest expense, net of amortization of discounts and premiums 0 0 0 0 0 Interest income1 (14) (15) (14) (16) (13) Income tax expense (benefit) 2 4 1 7 (61) Stock-based compensation expense2 43 54 52 59 59 Legal expenses3 7 10 7 3 3 Realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments (19) (4) 3 (25) (2) Restructuring expenses4 9 — — — — Acquisition-related costs5 8 2 2 — — Impairment losses on strategic investments — 0 0 — 1 Change in fair value of convertible debt, warrant liability, embedded derivatives, and U.S. Treasury securities 14 2 4 (42) (56) Charitable contributions to Circle Foundation6 5 5 8 23 — Losses on sale of long-lived assets — — — — 0 Foreign currency exchange gains (1) (1) (5) (0) (1) Adjusted EBITDA (Prior Definition) $ 314 $ 136 $ 141 $ 167 $ 166 Stock-based compensation related payroll expense7 3 8 11 8 5 Adjusted EBITDA (New Definition) $ 317 $ 143 $ 151 $ 176 $ 171 Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 26
Page 27
(in $ millions) Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Operating expenses $ 245 $ 254 $ 242 $ 254 $ 211 Adjusted for: Stock-based compensation expense and related payroll taxes1 (46) (61) (62) (68) (64) Depreciation and amortization expenses2 (34) (30) (27) (26) (23) Digital assets losses (gains)3 2 1 (1) (1) 2 Charitable contributions to Circle Foundation4 (5) (5) (8) (23) — Legal expenses5 (7) (10) (7) (3) (3) Acquisition-related costs6 (8) (2) (2) — — Restructuring expenses7 (9) — — — — Adjusted Operating Expenses $ 139 $ 146 $ 136 $ 133 $ 123 Reconciliation of Adjusted operating expenses to Operating expenses Note: Figures presented may not sum precisely due to rounding. 1 Represents equity compensation and associated payroll taxes. In addition, the stock-based compensation expense in connection with the restructuring as discussed in (7) below was -$5.7M due to related RSU forfeitures for the three months ended September 30, 2026. 2 Includes depreciation of fixed assets, and amortization of internally developed software and intangible assets. 3 Represents the fair value losses/gains of digital assets, a non-cash expense. 4 Reflects the charge related to the charitable contribution of shares of our Class A common stock for the benefit of Circle Foundation, a donor-advised fund. 5 Reflects litigation expenses related to the FT Partners litigation, legal and settlement expenses related to legacy businesses, and legal fees and other costs related to one-time regulatory matters. 6 Reflects one-time legal and professional services costs related to the pending Tazapay acquisition for the three months ended September 30, 2026, and special one-time compensation related to an asset acquisition that closed in January 2026 for the three and nine months ended September 30, 2026. 7 Reflects the charges related to a workforce reduction of approximately 5% designed to better align our organizational structure with our operating model and strategic priorities. Restructuring expenses primarily consisted of cash expenditures for notice period and severance payments, employee benefits and related costs. Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 27
Page 28
FY'2026 (in $ millions) Low High Operating expenses $973 $1,056 Adjusted for: Stock-based compensation expense and related payroll taxes1 (219) (249) Depreciation and amortization expense2 (116) (141) Digital assets losses (gains)3 2 2 Charitable contributions to Circle Foundation4 (23) (23) Legal expenses5 (24) (37) Acquisition-related costs6 (14) (14) Restructuring expenses7 (9) (9) Adjusted Operating Expenses $570 $585 Guidance: Reconciliation of Adjusted operating expenses to Operating expenses 1 Represents equity compensation and associated payroll taxes. The range of guidance depends on incremental headcount through the rest of the year and stock price. In addition, the stock-based compensation expense in connection with the restructuring as discussed in (7) below was -$5.7M due to related RSU forfeitures. 2 Includes depreciation of fixed assets, and amortization of internally developed software and intangible assets. The range of the guidance depends on capitalization rates, total SBC and cash compensation throughout the rest of the year. 3 Represents the year to date fair value losses/gains of digital assets, a non-cash expense, and we are not forecasting the amounts in 2026. 4 Reflects the transfer of 268,239 shares of Class A common stock for the benefit of the Circle Foundation, a donor-advised fund. 5 Represents estimated fees associated with specific nonrecurring costs, including the one-time implementation of new governance structures to meet U.S. regulatory requirements. 6 Reflects one-time legal and professional services costs related to the pending Tazapay acquisition, and special one-time compensation related to an asset acquisition that closed in January 2026. 7 Reflects the charges related to a workforce reduction of approximately 5% designed to better align our organizational structure with our operating model and strategic priorities. Restructuring expenses primarily consisted of cash expenditures for notice period and severance payments, employee benefits and related costs. Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 28