Circle Q3 Revenue Rises 66% as USDC Circulation Hits $73.7B
Circle released Q3 2025 results showing 66% year-on-year revenue growth to $740 million, a 202% surge in net profit to $214 million and a 78% rise in adjusted EBITDA to $166 million. USDC stablecoin circulation jumped 97% to $73.7 billion, with on-chain transaction volume rising 680% to $9.6 trillion and active wallets increasing 77% to 6.3 million. Institutional demand drove expansion of the Circle Payments Network, now supporting real-time settlement across eight countries with 29 live institutions and 55 pending approvals. Meanwhile, over 100 fintech firms are participating in the Arc Blockchain public testnet as Circle explores an Arc native token issuance. The firm is focusing on global blockchain integration and B2B payments, positioning USDC as a leading stablecoin for institutional flows.
Bullish
In the short term, robust Q3 performance and institutional expansion boost confidence in USDC’s liquidity and usage, potentially increasing demand and tightening spreads. Over the long term, enhanced blockchain integrations, Payments Network growth and successful Arc testnet rollouts could strengthen USDC’s protocol positioning, driving greater institutional flows and market stability, supporting a bullish outlook.