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 Grows Significantly

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%. This 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 stated 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.

Building a Full Stack Internet Platform

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

Circle Explores Native Token for Arc Network

The launch of the Arc public testnet was met with significant 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 the possibility of launching a native token on the Arc Network. This initiative could further encourage participation, align the interests of Arc stakeholders, and support the long-term growth of the network.

Rapid Growth in Circle’s Payments Network and USYC Fund

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

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

Circle's Shares Face Volatility Amidst Revenue Diversification Efforts

However, Circle’s shares experienced a decline in early trading due to concerns that declining interest rates could impact future returns. Consequently, the company is actively seeking to diversify its revenue streams.

Circle anticipates 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%. Adjusted operating expenses are projected to rise to $495–$510 million to support platform development and global partnerships.