USDC Circulation Doubles Amidst Significant Financial Performance
Circle has announced its impressive third-quarter results, revealing a strong performance across the board. The company highlighted significant revenue growth, with total earnings reaching $740 million, a 66% increase year-over-year. USDC, the stablecoin issued by Circle, saw substantial growth, with its circulation doubling to $73.7 billion compared to the same period last year. The surge in USDC’s adoption reflects the increasing importance of the stablecoin in the global payments and market infrastructure.
Circle Partners with Industry Leaders to Design a New Blockchain-Based Economic System
In addition to its financial successes, Circle unveiled its ambitious plans for the future with the Arc blockchain. Launched as a public testnet on October 28, Arc has already attracted over 100 leading companies from both traditional finance and the crypto world. These firms are collaborating with Circle to design and test a new “Economic OS” for the internet, which aims to revolutionize how digital transactions and economic systems function on the blockchain.
Circle’s CEO, Jeremy Allaire, emphasized the company’s ongoing progress in delivering platforms for startups and financial institutions. This growth, he noted, has led to substantial market-share gains for USDC. The Arc blockchain project is part of Circle’s broader strategy to bring more programmable finance onchain, providing a more decentralized and efficient infrastructure for businesses and consumers alike.
Strong Financial Results and Expanding Global Payments Network
The third-quarter earnings report also showed a sharp rise in profitability. Net income for the period surged by 202%, totaling $214 million. The company’s reserve income rose by 60%, driven by a 97% increase in average USDC in circulation. Circle’s adjusted EBITDA was $166 million, up 78% from the previous year, highlighting the company’s robust financial health.
Circle’s payments network has also expanded significantly, now supporting transactions across eight countries with 29 financial institutions enrolled. This network expansion, coupled with the growth of Circle’s tokenized money market fund, USYC, which now has nearly $1 billion in assets under management, solidifies the company’s position as a leader in the digital finance space.
With the continued development of Arc and its innovative Economic OS, Circle is setting the stage for even more growth and disruption in the blockchain and financial sectors.