Circle Internet Group, Inc. (NYSE: CRCL) reported a strong third quarter for fiscal 2025, with USDC circulation reaching $73.7 billion, up 108% year-over-year.
The increase in stablecoin usage brought total revenue and reserve income to $740 million, an increase of 66% from the same period in 2024.
Net income soared 202% to $214 million, while adjusted EBITDA rose 78% to $166 million, reflecting Circle’s operational efficiency and growing size. Average USDC in circulation reached $67.8 billion, up 97% from last year, despite a slight decline in reserve yield rates due to lower yields.
“Circle continued to see accelerated adoption of USDC and our platform in the third quarter as we build the new cost-effective operating system for the Internet,” said Jeremy Allaire, co-founder and CEO of Circle.
“As digital dollars become integrated into the technological utility of the Internet, our infrastructure helps global finance evolve with more confidence, transparency and speed,” adds Allaire.
Arc Network gains ground in finance and technology
Circle’s launch of the Arc public testnet attracted more than 100 companies in banking, payments and digital assets. The network, unveiled in late October, represents Circle’s vision of a programmable financial infrastructure designed for institutional adoption.
The company is also exploring the launch of a native Arc token, which could align incentives for developers and institutions participating in the ecosystem.
“The Arc testnet has been met with extraordinary enthusiasm from traditional and digital finance partners,” Allaire said. “This is evidence of the deep and diverse ecosystem forming around open, programmable money.”
Circle Payment Network Expansion
The Circle Payments Network (CPN) continues to grow, with 29 financial institutions now enrolled, 55 under review for eligibility, and 500 in the pipeline. Operating in eight countries, the network has achieved annualized transaction volumes of $3.4 billion since its launch in May 2025.
This expansion supports Circle’s mission to bridge digital and traditional finance, with partnerships spanning Brex, Deutsche Börse Group, Finastra, Fireblocks, Kraken, Itaú Unibanco, Hyperliquid and Visa.
Circle’s tokenized money market fund (USYC) has also seen strong growth, increasing more than 200% since June to approximately $1 billion in assets.
Outlook: Strong momentum until 2026
Looking ahead, Circle expects continued growth across its ecosystem. Management reaffirmed its multi-year target for USDC circulation growth of 40% CAGR and raised guidance for full-year other revenue to $90-100 million, citing higher subscription and transaction revenue.
The company expects a margin on revenue less distribution costs (RLDC) of approximately 38%, the upper end of its previous range, and plans to increase operational investments to meet growing institutional demand.
“As stablecoins become the connective tissue of the global digital economy, Circle positions itself at the center of trust, compliance and scale,” Allaire said.
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