Key Highlights
- Circle’s Q3 revenue rose 66% as USDC use grows, showing steady adoption and increasing activity in payments and blockchain systems.
- The Arc blockchain testnet now has over 100 companies, with a native token planned to boost participation and network engagement.
- Circle’s payments network expands globally, partnerships grow, and its USYC fund doubles, highlighting wider adoption of digital finance tools.
Circle Internet Group, the issuer of USDC stablecoin, announced that revenue increased 66% for Q3 2025. Total revenue and reserve income hit $740 million, and net income surged to $214 million, up 202% over the same period last year, as usage of USDC continues to grow, along with their continued efforts in developing payments and blockchain systems.
According to the official report, the total USDC in circulation reached $67.8 billion, up 97% over last year. USDC held on the platform increased to $10.2 billion, up 1,277%, and daily usage on the platform increased to 13.5%. Further, USDC minted in Q3 2025 stood at $79.7 billion, while redemptions were $67.3 billion.
The report also showed that the market share for the stablecoin reached 29% and wallets holding more than $10 USDC grew to 6.3 million, up 77%.
Revenue growth and financial strength
Notably, the majority of Circle’s revenue growth came from its reserves income, reaching $711 million, a 60% year-over-year increase. This is despite the reserve return rate slightly declining 96 basis points. Other revenue reached $29 million, a sharp increase of $28 million compared to last year, reflecting expansion in subscriptions, services, and transaction revenues.
Meanwhile, total distribution, transaction, and other costs increased 74% to $448 million, propelled by expanded USDC balances and strategic partnerships. The operating expenses were up by 70% at $211 million, with large contributions from stock-based compensation and payroll increases. Adjusted EBITDA reached $166 million, a demonstration of operational leverage at Circle.
Jeremy Allaire, Circle’s Co-Founder and CEO, emphasized the company’s mission, “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.” He added that the Arc public testnet generated extraordinary enthusiasm among traditional and digital finance partners.
Arc blockchain and corporate expansion
The report also stated that Circle is developing its Arc Network, a new blockchain for building financial applications. Over 100 companies, including banks and fintech firms, are testing it. In this latest report, the firm also noted that it is considering a native Arc token to encourage more participation and use.
Besides, the Circle Payments Network (CPN) is growing, operating in eight countries with 29 banks and financial firms already enrolled. Another 55 are under review, and 500 more could join. Since its launch in May, CPN’s transactions have reached an annualized $3.4 billion.
Circle has partnered with companies like Brex, Deutsche Börse, Finastra, Fireblocks, Kraken, and Visa, showing wider use in payments, banking, and digital assets. Its tokenized money market fund, USYC, also grew over 200% from June to November, reaching about $1 billion.
Looking forward
Circle aims to keep USDC circulation growing at about 40% per year over the next few years. The company also raised its revenue forecast for 2025 to $90–$100 million, up from $75–$85 million. Adjusted operating expenses are expected between $495–$510 million to cover platform growth, partnerships, and payroll costs. Its RLDC margin is projected around 38%.
Allaire’s approach diverges from the Bitcoin ecosystem’s philosophy, focusing on integrating crypto into the existing fiat system. Cory Klippsten of Swan Bitcoin commented, “In contrast to Bitcoin’s goal of separating money from the state, his work has centered on integrating crypto technology into the existing fiat system.”
Allaire highlighted the importance of conviction in facing setbacks: “You are going to suffer setbacks, everyone tells you [that] you are wrong, you are going to fail. For me, this isn’t just about a business idea. I am doing this because I literally think that this is going to improve the world.”
Circle’s Q3 results show steady growth in stablecoin use and blockchain activity. The planned Arc token may increase participation in the network. Expanding partnerships and its payment network point to a broader role in digital finance infrastructure.
Also Read: Visa Rolls Out Pilot for Direct Stablecoin Payouts
