Circle Internet Group, Inc. (NYSE: CRCL) reported a strong third quarter for fiscal year 2025, with USDC circulation reaching $73.7 billion, up 108% year-over-year.
The surge in stablecoin usage drove total revenue and reserve income to $740 million, marking a 66% increase from the same period in 2024.
Net income climbed 202% to $214 million, while adjusted EBITDA rose 78% to $166 million, reflecting Circle’s operating efficiency and growing scale. Average USDC in circulation rose to $67.8 billion, up 97% from last year, despite a slight drop in reserve return rates due to lower yields.
“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 Jeremy Allaire, Co-Founder and CEO of Circle.
“As digital dollars become integrated with the technological utility of the internet, our infrastructure is helping global finance move with greater trust, transparency, and velocity,” adds Allaire.
Arc Network Gains Traction Across Finance and Technology
Circle’s launch of the Arc public testnet attracted over 100 companies across banking, payments, and digital assets. The network, unveiled in late October, represents Circle’s vision of programmable financial infrastructure built for institutional adoption.
The firm 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 was met with extraordinary enthusiasm from partners across traditional and digital finance,” Allaire said. “It’s evidence of the deep and diverse ecosystem forming around open, programmable money.”
Expanding the Circle Payments Network
Circle’s Payments Network (CPN) continues to scale, with 29 financial institutions now enrolled, 55 undergoing eligibility reviews, and 500 in the pipeline. Operating across eight countries, the network has achieved annualized transaction volumes of $3.4 billion since its May 2025 launch.
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) also recorded strong growth, expanding more than 200% since June to approximately $1 billion in assets.
Outlook: Strong Momentum into 2026
Looking ahead, Circle expects continued growth across its ecosystem. Management reaffirmed its multi-year USDC circulation growth target of 40% CAGR and raised full-year Other Revenue guidance to $90–$100 million, citing higher subscription and transaction revenues.
The company anticipates a Revenue Less Distribution Costs (RLDC) Margin of roughly 38%, the upper end of its prior range, and expects to increase operating investments to meet accelerating institutional demand.
“As stablecoins become the connective tissue of the global digital economy, Circle is positioned at the center of trust, compliance, and scale,” Allaire said.
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