Financial Data and Key Metrics Changes - USDC in circulation grew 108% year over year to $73.7 billion, reflecting strong market share expansion [6][21] - Total revenue and reserve income increased 66% year on year to $740 million, with adjusted EBITDA growing 78% year on year to $166 million, achieving a 57% adjusted EBITDA margin [8][23] - Reserve return rate decreased to 4.15%, down 96 basis points year on year, due to a decline in SOFR [21] Business Line Data and Key Metrics Changes - Circle Payments Network (CPN) saw significant growth in transaction volumes, with monthly total payment volume increasing over 100 times since launch [19][55] - On-chain transaction volume using USDC grew 580% year over year to $9.6 trillion, indicating increased velocity and efficiency [8][11] - Other revenues, primarily from new products and services, increased to $29 million from less than $1 million in the prior year [22] Market Data and Key Metrics Changes - Circle's share of the stablecoin market grew to 29% in Q3, with stablecoins in circulation increasing 59% year over year [9][10] - USDC's transaction volumes expanded to 40% of the dollar stablecoin space, reflecting strong competitive positioning [10] Company Strategy and Development Direction - The company aims to build a full-stack Internet financial platform, focusing on blockchain networks, digital assets, and application utilities [4][5] - Circle is exploring the launch of a native token on the ARK network to enhance utility, incentives, and governance [9][17] - The company continues to expand its stablecoin network across multiple chains, with five new chain launches this quarter [9][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of USDC circulation and the overall stablecoin market, driven by regulatory clarity and technological advancements [41][42] - The company anticipates continued strong performance in the fourth quarter, with an increase in adjusted operating expenses due to investments in platform capabilities [25][60] Other Important Information - The ARK public testnet launched with over 100 major participants, indicating strong industry interest and collaboration [16] - The company has seen a significant increase in the number of financial institutions enrolled in the CPN, with a pipeline of 500 institutions seeking to join [18] Q&A Session Summary Question: Insights on CPN pipeline and monetization - Management highlighted the focus on quality participants and the importance of operational capabilities for successful network growth, emphasizing that monetization will come from creating value for network members [28][32] Question: Reaction to Fed's involvement in crypto - Management affirmed alignment with the Fed's perspective, stating that Circle's infrastructure is fundamental to the emerging on-chain financial system and that they aim to be a leading platform in this space [36][39] Question: Market share gains and regulatory impact - Management noted that growth in market share is attributed to regulatory clarity and advancements in technology, leading to increased adoption by major financial institutions [40][42] Question: Exploration of a native token for ARK - Management discussed the potential benefits of a native token for ARK, focusing on stakeholder incentives and governance, while emphasizing the collaborative nature of the network's development [43][46] Question: Other revenue growth and transaction revenue decline - Management explained that the increase in subscription revenue is driven by blockchain network partnerships, while the decline in transaction revenue was due to a spike in the previous quarter related to redemptions [76][78]

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Market Sentiment - Industry suggests accumulating $LINK [1] - Expectation of a new upward trend for $LINK [1] - Anticipation of a strong DeFi movement in 2026 [1] Event Analysis - Smartcon event was well-received [1]

DeFi Security & Risk Management - Chaos Labs CEO discusses using data-driven risk modeling, on-chain oracles, and AI to strengthen DeFi [1] - The discussion covers smoothing thin markets and stress-testing stablecoins [1] - The podcast explores protecting against DeFi hacks and exploits using AI [1]

RT THE HUNTER ✴️ (@TrueGemHunter)BREAKING 🚨@Velvet_Capital official Appology to all Defi usersVelvet is sorry for making your DeFi life too easy...Can you forgive them? 🤔 ...

IT'S A SHAME WHAT THEY DIDTHE HUNTER ✴️ (@TrueGemHunter):BREAKING 🚨@Velvet_Capital official Appology to all Defi usersVelvet is sorry for making your DeFi life too easy...Can you forgive them? 🤔 ...

RT THE HUNTER ✴️ (@TrueGemHunter)BREAKING 🚨@Velvet_Capital official Appology to all Defi usersVelvet is sorry for making your DeFi life too easy...Can you forgive them? 🤔 ...

RT THE HUNTER ✴️ (@TrueGemHunter)BREAKING 🚨@Velvet_Capital official Appology to all Defi usersVelvet is sorry for making your DeFi life too easy...Can you forgive them? 🤔 ...

很久之前 Boost 活动上了币安现货的 Treehouse 昨天放了个代币回购提案的利好。提案具体内容是将协议收入的 50% 在公开市场回购Treehouse 的收入来自 tAsset 质押收益中市场效率收益（MEY）的 20%及与其他协议合作的分润。DeFi 协议这波小熊行情里暴雷这么多，确认还活着，能稳定有收入的协议还是可以用一用阿小小海 🐈 🐈‍⬛ (@OKxiaohai):今天 UNI 开了个好头，隔壁各家协议的回购潮还在继续。 今天看到 @TreehouseFi 在他们治理论坛的回购提案，很简单直接：希望将协议收入的 50% 用于回购 $TREE最近市面上的回购的协议不少，有成功的，以 Hype / AAVE 为代表，其中最佩服的就是 Hype。也有失败的，例如 ENA，此前 ENA 的态度是以 0.7 https://t.co/9eiH0JYWFF ...

BREAKING 🚨@Velvet_Capital official Appology to all Defi usersVelvet is sorry for making your DeFi life too easy...Can you forgive them? 🤔Velvet (@Velvet_Capital):we're sorry https://t.co/DHDJZHuzQ7 ...