Key Notes
- USDC circulation grew 108% year-over-year to $73.7 billion, with net income of $214 million for the quarter ending September 30.
- USDC holds a 29% market share as the second-largest stablecoin behind Tether's USDT at approximately $183 billion in circulation.
- Total revenue reached $740 million, up 66% year-over-year, with adjusted EBITDA of $166 million.
Circle Internet Financial reported USDC USDC $1.00 24h volatility: 0.0% Market cap: $75.97 B Vol. 24h: $12.77 B circulation reached $73.7 billion at the end of Q3 2025, marking 108% growth year-over-year, while exploring a native token for its Arc Network blockchain.
The company posted net income of $214 million for the three months ending September 30, according to Circle’s Q3 earnings release . Total revenue and reserve income reached $740 million, up 66% from the prior year period, with adjusted EBITDA of $166 million representing a 78% year-over-year increase.
Average USDC in circulation during Q3 was $67.8 billion, with the company’s reserve return rate at 4.2%. Circle noted USDC’s market share among USD-denominated fiat-backed stablecoins above $100 million in circulation was 29% as of quarter end.
Our Q3 2025 earnings results prove that the internet financial system isn’t coming, it’s already here.
✔️ $73.7B USDC in circulation (as of end of period), +108% YoY
✔️ $9.6T in onchain transaction volume, +680% YoY
Full results at https://t.co/TltU6DsKUy pic.twitter.com/pWYyY8GraB
— Circle (@circle) November 12, 2025
Arc Network Development
Circle’s Arc Network attracted more than 100 companies to its public testnet launched on Oct. 28, with participants including BlackRock, Goldman Sachs, and Amazon Web Services. The blockchain infrastructure is designed to support institutional-grade digital asset applications.
The company stated it is exploring the possibility of launching a native token on the Arc Network, though no specifics about token utility, economics, or timeline were provided in the earnings announcement.
Market Positioning
USDC remains the second-largest stablecoin globally behind Tether’s USDT, which maintains approximately $183 billion in circulation and roughly 60% of the stablecoin market. Tether reported net profit surpassing $10 billion for 2025 in its Q3 financial results.
The broader stablecoin market approached $316 billion as Tether projected $15 billion in total profit for the year. Tether’s user base reached 500 million verified users by October, highlighting the scale of stablecoin adoption.
Circle’s Q3 results reflect the company’s position in the digital asset infrastructure sector as regulatory frameworks for stablecoins continue to develop in major markets. The company operates as a licensed money transmitter under state regulations while seeking clarity on federal oversight.
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