Circle’s Q3 Revenue Jumps 66%, USDC Circulation Surges To $73.7B

Circle Internet Group, the stablecoin issuer behind USDC, has announced the results for Q3.

The stablecoin giant has not only exceeded expectations, it’s also pushing forward with its new Arc blockchain, aiming to make payments, cross-border transactions, and decentralized finance faster and easier.

Circle’s Profits Soar, USDC Adoption Soars 108%

Circle reported Q3 net income of $214 million, a year-over-year increase of 202%. Total revenue and reserve income grew over 66% to $740 million, reflecting strong growth across the company’s operations. Meanwhile its EBITDA grew 78% to $166 million. 

The USDC in circulation reached $73.7 billion at the end of the quarter, marking a 108% year-over-year increase and boosting Circle’s market share to 29%. The growth highlights its continued adoption and its rising presence in the digital asset market.

“Circle continued to see accelerating adoption of USDC and our platform in the third quarter as we build the new Economic OS for the internet,” said CEO Jeremy Allaire. 

He says that stablecoin money is safer money and will become the most desirable form of money to borrow. Credit markets will develop globally around borrowing and using this type of money.

A Full Stack Internet Platform Business

Allaire said that Circle is building a full-stack internet platform, from the operating infrastructure at the network level to the stable coin digital asset layer to the application layer, designed to serve mainstream companies. He noted that network effects are driving its market share growth. 

Circle Eyes Native Token on Arc

The launch of the Arc public testnet was met with huge excitement from partners in both traditional and digital finance, highlighting a growing and diverse ecosystem around programmable digital money. Over 100 Companies Joined the Launch of Arc Public Testnet.

Circle is also exploring to launch a native token on the Arc Network. This could further lead to more participation, align the interests of Arc stakeholders and support the long-term growth of the network. 

Circle’s Payments Network and USYC Fund See Rapid Growth

Circle’s Payments Network (CPN) is also expanding fast, with 29 financial institutions already enrolled, 55 more under review, and 500 in the pipeline. While Circle’s tokenized money market fund, USYC, also saw rapid growth, growing over 200% from June 30 to reach around $1 billion by November 8. 

Moreover, Circle is also gaining traction across a wide range of industries with new partnerships and collaborations across digital assets, banking infrastructure, payments, international dollar access, and capital markets. 

Circle’s Shares Faces Volatility

However, Circle’s shares fell in early trading over concerns that declining interest rates could weigh on future return. So it is also looking to diversify its revenue streams.

Circle expects continued growth, reaffirming a 40% CAGR target for USDC circulation. Other revenue for 2025 is now projected at $90–$100 million, with the RLDC margin around 38%. While adjusted operating expenses are projected to rise to $495–$510 million to support platform development and global partnerships.