In the third quarter of 2025, Circle Internet Group (NYSE: CRCL) reported record financial results, confirming its central role in the evolution of on-chain finance. The company, issuer of USDC, demonstrated explosive growth in both volumes and profitability, while driving the adoption of its new Arc blockchain infrastructure.
Circle Q3 2025: Record Numbers for USDC and Strongly Increasing Profitability
The circulating supply of USDC has reached $73.7 billion, marking a 108% year-over-year growth, solidifying the stablecoin as one of the leading digital assets globally.
Simultaneously, total revenues and income from reserves reached 740 million dollars, marking an increase of 66% compared to the same period in 2024.
The net profit increased by 202%, reaching 214 million dollars, while the adjusted EBITDA recorded 166 million dollars (+78%), with a margin of 57%.
These results are primarily due to the strong increase in demand for USDC, the expansion of partnerships, and the launch of new services related to the Circle Payments Network (CPN) and the Arc blockchain.
Summary Table of Key Data Q3 2025
| Indicator | Value Q3 2025 | YoY Change |
| USDC in circulation | $73.7 billion | +108% |
| Total revenue and reserve income | $740 million | +66% |
| Net profit | $214 million | +202% |
| Adjusted EBITDA | $166 million | +78% |
| EBITDA margin | 57% | +737 bps |
| Stablecoin market share | 29% | +643 bps |
| Significant wallets (≥$10 USDC) | 6.3 million | +77% |
Arc: Circle’s New Public Blockchain
One of the most significant highlights of the quarter was the public launch of Arc’s testnet, Circle’s new Layer-1 blockchain, designed to support a global economic infrastructure based on programmable money.
Over 100 companies – including Visa, Deutsche Börse Group, Fireblocks, Kraken and Itaú Unibanco – participated in the network’s debut.
Circle has also announced that it is exploring the possibility of a native Arc token, aimed at incentivizing participation and alignment among the network’s stakeholders.
Expansion of the Circle Payments Network and Strategic Partnerships
The Circle Payments Network (CPN) has reached 29 registered financial institutions, with another 55 under review and 500 in the pipeline. The annualized transaction volume has already surpassed $3.4 billion, just a few months after launch.
Simultaneously, Circle has forged new partnerships with key ecosystem players, such as Brex, Finastra, Hyperliquid and Visa, solidifying the role of USDC as a bridge between traditional finance and the crypto economy.
Growth of Financial Tokens and On-Chain Funds
Circle’s tokenized money market fund USYC also experienced a boom, growing by over 200% from June to November 2025, reaching 1 billion dollars under management.
This data demonstrates the growing demand for regulated yield instruments based on stablecoins and tokenized assets.
Outlook: sustained growth and strategic investments
In its updated outlook, Circle expects to maintain a compound annual growth rate (CAGR) of 40% for the supply of USDC in the coming years.
The company has also revised upwards its service revenue forecasts to $90–100 million for 2025, indicating an expansion of offerings not tied to reserves.
Operational investments will rise to 495–510 million, supporting the development of the Arc platform and global partnerships. The goal stated by Jeremy Allaire, CEO of Circle, is to “build the economic OS of the internet, based on transparency, interoperability, and trust.”
Conclusion
The Circle Q3 2025 results confirm Circle’s position as the undisputed leader in the stablecoin sector and a strategic player in the convergence between traditional finance and blockchain.
With the expansion of USDC, the launch of Arc, and a growing global network of partners, the company led by Allaire is gearing up to lead the next phase of mass adoption of regulated stablecoins.