Circle Internet Group reported a surge in earnings for the third quarter of 2025, with USDC circulation reaching $73.7 billion, a 108% year-over-year increase, marking one of the company’s strongest quarters to date.
Total revenue and reserve income rose 66% to $740 million, while net income jumped 202% to $214 million, reflecting the expansion of USDC use across markets and partnerships.
Adjusted EBITDA stood at $166 million, up 78% from the same period last year.
Reserve income, the company’s largest revenue driver, grew 60% to $711 million, supported by a near-doubling in average USDC circulation. Other revenue reached $29 million, up from just $1 million a year earlier, due to growth in subscriptions, services, and transaction-based income.
Circle attributed part of the momentum to its new Arc public testnet, launched in late October with participation from over 100 companies across finance, payments, and digital assets.
The company said it is exploring a native Arc token to foster ecosystem participation and long-term network alignment. Circle’s Payments Network (CPN) also saw strong adoption, with 29 financial institutions onboarded, 55 under review, and 500 in the pipeline.
Annualized transaction volume reached $3.4 billion based on recent activity.
CEO Jeremy Allaire said Circle’s infrastructure continues to gain traction as “digital dollars become integrated with the technological utility of the internet,” adding that adoption of programmable money “is building a more open and efficient global financial system.”
Circle raised its 2025 other revenue forecast to $90–100 million from $75–85 million, citing stronger-than-expected growth in transaction and subscription income.
The company maintained its outlook for a 40% compound annual growth rate in USDC circulation over multiple years.