Circle releases Q3 financial report: revenue soars 66%, net profit doubles to $214 million, USDC market cap surpasses $73.7 billion

Stablecoin issuer Circle announced later today (12) its Q3 2025 financial report. The data shows that Circle’s quarterly revenue surged 66% to $740 million, net profit skyrocketed 202% to $214 million, and USDC circulation volume broke through the $73.7 billion mark. (Background: Circle launched the Arc blockchain testnet, with over a hundred major companies including BlackRock, Visa, Coinbase, and Anthropic participating in the public testing.) (Additional context: JPMorgan states that USDC on-chain activity has surpassed USDT, and Circle’s regulatory advantages make it the preferred choice for institutions.)

Circle, the issuer of the US dollar stablecoin USDC, officially released its Q3 2025 financial report before the opening of the US stock market today (12). This article summarizes the main highlights of Circle’s financial report.

Highlights of Circle’s Financial Report: The report shows that Circle’s total revenue and reserve income for Q3 reached $740 million, a 66% increase year-over-year, with reserve interest income at $711 million, up 60%. Net profit soared to $214 million, a 202% increase compared to the same period last year, with earnings per share of $0.64, far exceeding analyst estimates of $0.18–$0.22. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $166 million, up 78% year-over-year.

The average circulation volume of Circle’s stablecoin USDC increased by 97% annually, boosting overall reserve income. USDC itself also performed impressively: at the end of the period, circulation reached $73.7 billion, up 108% year-over-year, with market share rising to 29%, a significant increase of 6.43 percentage points compared to last year. On-chain trading volume reached $9.6 trillion, a 680% increase year-over-year. Active wallets numbered 6.3 million, up 77% annually.

Circle Explores Issuance of Arc Native Token: Beyond financial data, Circle revealed several strategic developments in its financial report. The most notable is that its Layer 1 blockchain, Arc Blockchain, has entered the public test phase, with over 100 fintech companies participating in testing. Circle also publicly announced that it is actively exploring issuing an Arc native token, seen as an important step in shifting from stablecoin infrastructure to a public blockchain ecosystem. Additionally, Circle Payments Network (CPN), a cross-border payment network, now supports real-time settlement in 8 countries, attracting 29 financial institutions online, 55 under review, with potential channels reaching 500. Over the past 30 days, the annualized transaction volume has reached $3.4 billion.

Circle CEO Jeremy Allaire emphasized during the earnings call: “USDC is not just a stablecoin; it is the underlying currency protocol for global digital finance. We are accelerating our transformation from a single-product company to a comprehensive provider of digital financial infrastructure.”

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[Circle releases Q3 financial report: revenue soars 66%, net profit doubles to $214 million, USDC market cap exceeds $73.7 billion.] This article was first published by BlockTempo, a leading blockchain news media outlet.