TLDR:
- USDC circulation hits $73.7B, up 108% YoY in Q3 2025.
- Net income jumps 202% to $214M amid reserve income growth.
- Arc public testnet launched with 100+ companies participating.
- Circle explores native Arc token to drive network adoption.
Circle Internet Group posted a strong third-quarter performance for 2025, highlighting rapid USDC adoption and revenue growth. USDC in circulation reached $73.7 billion, marking a 108% year-over-year rise.
Total revenue and reserve income climbed to $740 million, up 66% from Q3 2024. The company also launched the Arc public testnet and is exploring a native Arc token to expand its blockchain ecosystem.
Circle Q3 2025 Financial Results and USDC Growth
Circle’s net income rose to $214 million, a 202% increase year-over-year, supported by reserve income growth of $711 million. Adjusted EBITDA reached $166 million, up 78%, reflecting operational leverage and higher USDC circulation.
Average USDC on the platform surged 1,172 basis points to 13.5%, while minted USDC grew 128% to $79.7 billion. Redemption activity also climbed, with $67.3 billion of USDC redeemed during the quarter.
The stablecoin market share expanded to 29%, a 643-basis point increase, according to CoinMarketCap data. Meaningful wallets holding over $10 USDC rose to 6.3 million, a 77% jump year-over-year.
Other revenue climbed to $29 million, driven by subscriptions, services, and transaction fees. Total operating expenses grew 70% to $211 million, including $59 million in stock-based compensation.
Circle’s payments network (CPN) now supports flows in eight countries, with 29 financial institutions fully enrolled and 55 undergoing eligibility reviews. Annualized transaction volume based on recent activity reached $3.4 billion.
Strategic partnerships with Brex, Kraken, Visa, Deutsche Börse, and Finastra expanded USDC adoption across banking and capital markets.
Arc Public Testnet and Native Token Plans
Circle launched the Arc public testnet on October 28, attracting over 100 companies across banking, fintech, and digital assets.
Arc is designed as a Layer-1 blockchain to enable programmable financial activity and economic integration on-chain. The company is exploring a native Arc token to incentivize network participation and align stakeholder interests.
The Arc initiative aims to connect traditional and digital finance, with early adopters spanning capital markets, asset managers, insurers, and technology companies. USYC, Circle’s tokenized money market fund, grew over 200% to approximately $1 billion since June 30, 2025.
Forward guidance raised 2025 other revenue to $90–100 million and adjusted operating expenses to $495–510 million. The RLDC margin is expected near 38%, reflecting higher platform efficiency and growing subscription revenue.