Circle's Q3 2025 Earnings Spotlight USDC's Explosive Growth

Stablecoin Giant Reports 108% YoY Surge in Circulation, Signaling Blockchain's Mainstream Momentum

November 12, 2025

Companies mentioned:

Circle

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Quick Take

• USDC Circulation Hits $73.7B: Up 108% YoY, driven by rising demand in payments, remittances, and DeFi.
  

• Transaction Volume Soars to $9.6T: A 6.8x increase YoY, underscoring USDC's role in efficient, onchain value transfers.
  

• Revenue Climbs 66% to $740M: Fueled by reserve interest and service fees, with innovations like Arc testnet and expanded payments network poised for future gains.
  

Circle Internet Financial, the company behind the popular stablecoin USDC, has released its earnings highlights for the third quarter of 2025. The report underscores the rapid expansion of blockchain-based financial infrastructure, with impressive year-over-year growth in key metrics.

Key Financial Highlights

Circle's Q3 2025 performance paints a picture of robust growth, driven by increasing adoption of USDC—a USD-pegged stablecoin designed for seamless digital transactions. Here's a breakdown of the standout figures:

• USDC in Circulation: Reaching $73.7 billion as of the end of the quarter, this represents a staggering 108% increase year-over-year (YoY). This surge reflects growing trust in USDC as a stable digital asset for payments, remittances, and decentralized finance (DeFi) applications.

Onchain Transaction Volume: USDC facilitated $9.6 trillion in onchain transactions during the quarter, marking a 6.8x increase YoY (equivalent to approximately 580% growth). This explosive volume highlights the stablecoin's role in powering high-throughput blockchain networks and cross-border value transfers.

Total Revenue and Reserve Income: Circle generated $740 million, up 66% YoY. This income stream is primarily derived from interest on reserves backing USDC, as well as fees from related services. The growth underscores the profitability of stablecoin operations in a high-interest-rate environment.

These metrics not only showcase Circle's financial health but also signal broader trends in the crypto and fintech sectors, where stablecoins are bridging traditional finance with blockchain technology.

Business Developments and Innovations

Beyond the numbers, Circle highlighted several strategic initiatives that are positioning the company for future expansion:

• Arc Public Testnet Launch: Over 100 companies joined the launch of Arc's public testnet. Arc, Circle's blockchain platform, aims to enhance scalability and interoperability for digital assets. This milestone indicates strong ecosystem interest in building on Circle's infrastructure.