**Circle Posts Strong Q3 Results as USDC Circulation More Than Doubles**
Circle, the issuer of the stablecoin USDC, has reported robust financial results for the third quarter, cashing in on growing market stability and adoption. The company posted $740 million in revenue, marking a 66% increase compared to the same period last year. This growth coincides with the more than doubling of USDC’s circulation.
Listed on the New York Stock Exchange earlier this year under the ticker CRCL, Circle reported a net income of $214 million for Q3 — tripling its profit from the previous year. Adjusted EBITDA rose 78% to $166 million, driven by steady expansion in reserve income and the growing use of USDC by institutional clients across trading, payments, and on-chain settlements.
### Strong Momentum Continues into 2025
Circle’s latest results reinforce a strong performance trajectory for 2025. The New York City-based company continues to benefit from higher yields on reserve assets alongside wider adoption of stablecoins within traditional finance sectors.
CEO Jeremy Allaire described the quarter as one of “measured growth and deepening market confidence,” noting that USDC is approaching a 30% share of the fiat-backed stablecoin market.
“As digital dollars become integrated with the technological utility of the internet, Circle’s infrastructure is helping global finance move with greater trust, transparency, and velocity,” Allaire said. “With growing circulation, accelerating commercial partnerships, and expanding collaboration across industries, we’re proud of the tangible progress toward a more open and efficient global financial system.”
### Expanding Infrastructure and Institutional Integration
Circle’s third-quarter earnings also highlight significant advances in infrastructure and deeper integration with institutional clients. Reserve income surged 60% year-over-year to $711 million, propelled by nearly doubling average USDC circulation despite a slight decline in reserve yields.
Other revenue streams climbed to $29 million, reflecting increased traction in Circle’s subscription, transaction, and service offerings.
Operating expenses rose 70% to $211 million, primarily due to headcount growth and $59 million in stock-based compensation. However, adjusted operating costs grew by a slower rate of 35%, indicating improved operational leverage as the company scales.
Additionally, Circle recorded a $61 million tax benefit related to research credits and compensation-related adjustments.
### Infrastructure Development Advances
Beyond the financials, Circle launched the Arc public testnet on October 28, which attracted participation from over 100 companies spanning banking, capital markets, and technology sectors. The company is exploring the launch of a native Arc token, a move that could help decentralize and incentivize the network further.
Simultaneously, the Circle Payments Network (CPN) is laying the foundation for global digital dollar flows. The network currently supports transactions in eight countries, with 29 financial institutions fully enrolled. Another 55 institutions are under eligibility review, while a pipeline of 500 indicates growing interest from traditional banks.
Since its launch in late May, CPN’s annualized transaction volume has rapidly scaled to $3.4 billion.
### Stock Performance
Circle’s shares, traded under the ticker CRCL, closed at $98.30 on Tuesday, down 5.57%. In pre-market trading, shares trended another 3.5% lower, according to Yahoo Finance data.
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Circle’s strong quarterly performance and ongoing infrastructure developments position it as a key player in the expanding stablecoin and digital payments ecosystem, signaling continued growth and innovation in the months ahead.
https://crypto.news/circle-q3-revenue-hits-740m-usdc-circulation-nears-74b/
