TLDR:
- USDC circulation reaches $73.7 billion, up 108% year-on-year in Q3 2025.
- Net income jumps 202% to $214 million amid reserve income growth.
- Arc public testnet is launched with over 100 companies participating.
- Circle natively explores the Arc token to drive network adoption.
Circle Internet Group posted strong Q3 2025 performance, highlighting rapid USDC adoption and revenue growth. USDC in circulation reached $73.7 billion, an increase of 108% over the previous year.
Total revenue and reserve revenue rose 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
Circular net income rose to $214 million, a 202% year-over-year increase, supported by an increase in reserve revenue of $711 million. Adjusted EBITDA reached $166 million, up 78%, reflecting operating leverage and higher USDC circulation.
Average USDC on the platform rose 1,172 points to 13.5%, while minted USDC grew 128% to $79.7 billion. Redemption activity also increased, with $67.3 billion of USDC redeemed during the quarter.
The stablecoin market the share expanded to 29%, an increase of 643 points, according to CoinMarketCap data. Meaningful wallets holding over $10 USDC rose to 6.3 million, a 77% year-over-year increase.
Other revenue rose to $29 million, driven by subscriptions, services and transaction fees. Total operating expenses increased 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 registered and 55 undergoing qualification reviews. Annual transaction volume based on recent activity reached $3.4 billion.
Strategic partnerships with Brex, Kraken, Visa, Deutsche Börse and Finastra were expanded USDC adoption across the banking and capital markets.
Arc Public Testnet and Native Token plans
Circle launched the Arc public testnet on October 28, attracting over 100 companies in banking, fintech and digital assets.
Arc is designed as a Layer-1 blockchain to enable programmable financial activity and on-chain financial integration. The company is exploring a native Arc token to encourage network participation and align stakeholder interests.
The Arc initiative aims to connect traditional and digital finance, with early adopters spanning capital markets, asset managers, insurance companies and technology companies. USYC, Circle’s tokenized money market fundgrew by over 200% to approximately $1 billion since June 30, 2025.
Forward guidance raised 2025 other income to $90-100 million and adjusted operating expenses to $495-510 million. RLDC margin is expected near 38%, reflecting higher platform efficiency and growing subscription revenue.
