Circle Internet Group reported a significant surge in earnings for the third quarter of 2025. The company announced that USDC circulation reached $73.7 billion, which represents a substantial 108% year-over-year increase. This performance marks one of the company’s strongest quarters to date.
Financial Performance Highlights
Total revenue and reserve income saw a considerable rise of 66%, reaching $740 million. Net income experienced a dramatic jump of 202%, totaling $214 million. These figures reflect the expanding use of USDC across various markets and through strategic partnerships.
Adjusted EBITDA stood at $166 million, an increase of 78% compared to the same period in the previous year.
Revenue Drivers and Growth
Reserve income, identified as the company’s primary revenue driver, grew by 60% to $711 million. This growth was primarily supported by a near-doubling in the average USDC circulation. Other revenue streams contributed $29 million, a significant increase from just $1 million recorded a year earlier. This improvement in other revenue is attributed to the growth in subscriptions, services, and transaction-based income.
Ecosystem Expansion and Future Initiatives
Circle attributed part of its recent momentum to the successful launch of its new Arc public testnet. This initiative, introduced in late October, has garnered participation from over 100 companies spanning the finance, payments, and digital assets sectors.
The company is actively exploring the development of a native Arc token. The objective of this potential token is to foster greater ecosystem participation and ensure long-term network alignment. Furthermore, Circle’s Payments Network (CPN) has demonstrated strong adoption, with 29 financial institutions already onboarded, an additional 55 undergoing review, and a pipeline of 500 institutions interested in joining.
Based on recent activity, the annualized transaction volume has reached $3.4 billion.
Executive Outlook and Forecast Adjustments
CEO Jeremy Allaire commented on the company's progress, stating that Circle’s infrastructure continues to gain traction as “digital dollars become integrated with the technological utility of the internet.” He further emphasized that the adoption of programmable money is actively “building a more open and efficient global financial system.”
In light of the stronger-than-expected growth in transaction and subscription income, Circle has revised its 2025 other revenue forecast upwards. The new forecast is set between $90–100 million, an increase from the previous projection of $75–85 million.
The company has reaffirmed its long-term outlook, maintaining a projection of a 40% compound annual growth rate for USDC circulation over multiple years.