Circle Q3 earnings beat expectations, but US stocks fell more than 8% intraday

Jinse Finance reported that according to the US stock market, stablecoin issuer Circle (NYSE: CRCL) fell more than 8% intraday, currently trading at $90, with a total market capitalization of about $21 billion, down nearly 70% from its all-time high. In its Q3 financial report released before the market opened, Circle reported total revenue and reserve earnings of $740 million for the third quarter, a year-on-year increase of 66%; net profit was $214 million, a year-on-year increase of 202%, both exceeding previous institutional expectations of $700 million in revenue and $31 million in profit. In addition, the circulating supply of USDC at the end of the quarter reached $73.7 billion, a year-on-year increase of 108%.