Circle Reports Strong Q3 Performance—108% Growth in USDC Circulation

Circle just dropped its third-quarter earnings report for 2025, and the numbers tell a compelling story about the stablecoin issuer’s momentum.

The company behind USDC posted revenue of $740 million, marking a 66% jump compared to the same period last year.

More impressive is what’s driving this growth: USDC in circulation hit $73.7 billion by the end of September, more than doubling year-over-year with a 108% increase.

This morning we shared our Q3 results @Circle.

We made huge progress delivering platforms for the world’s leading startups and financial firms, and saw strong growth and market-share gains for @usdc.

With @Arc, over 100 major companies are helping us design and test a new… pic.twitter.com/XSfST8x4p6

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) November 12, 2025

For crypto traders and businesses using stablecoins, this expansion matters. More USDC in circulation means better liquidity across exchanges and DeFi platforms, potentially tighter spreads, and smoother transactions.

The company’s net income reached $214 million, tripling from last year’s $71 million in the same quarter.

Circle Records Major Network Expansion and Strategic Partnerships

Circle isn’t just growing its core stablecoin business. The company launched its Arc public testnet in late October, attracting over 100 companies from traditional finance and crypto.

This Layer-1 blockchain aims to bring more financial activity onchain, and Circle is even considering launching a native token for the network.

The Circle Payments Network (CPN) is gaining real traction too. Since launching in May, 29 financial institutions have enrolled, with 55 more going through reviews and 500 in the pipeline.

The network now operates across eight countries and hit $3.4 billion in annualized transaction volume based on recent 30-day activity.

New partnerships announced this quarter include major players like Brex, Deutsche Börse Group, Kraken, and Visa. For traders, these integrations could mean easier onramps and offramps between traditional banking and crypto markets.

What This Means for USDC Users

Circle raised its revenue guidance for the full year to $90-$100 million, up from the previous $75-$85 million range. The company’s tokenized money market fund (USYC) also grew over 200% since June, reaching roughly $1 billion.

The stablecoin market share data shows USDC now holds 29% of USD-backed stablecoins above $100 million in circulation, gaining nearly 6.5 percentage points year-over-year.

For anyone holding or trading USDC, this growing market position suggests the token’s long-term viability remains solid as regulatory clarity improves and institutional adoption continues.