Circle Eyes Native Arc Token as USDC Growth and Profits Surge in Q3

The stablecoin giant posts record revenue and income while exploring new blockchain expansion.

USDC Supply Doubles as Circle’s Profit Soars

Circle, the issuer behind the USD Coin (USDC) stablecoin, announced strong third-quarter results that underline its growing dominance in the digital payments sector. The company revealed that USDC circulation rose 108% year over year, reaching $73.7 billion, while total revenue and reserve income climbed to $740 million, up 66% from the same quarter last year.

Meanwhile, net income jumped 202% to $214 million, signaling a significant boost in profitability as institutional adoption of stablecoins continues to accelerate.

“We made huge progress delivering platforms for the world’s leading startups and financial firms, and saw strong growth and market-share gains for USDC,” said Jeremy Allaire, CEO of Circle.

This morning we shared our Q3 results @Circle. 

We made huge progress delivering platforms for the world’s leading startups and financial firms, and saw strong growth and market-share gains for @usdc.

With @Arc, over 100 major companies are helping us design and test a new… pic.twitter.com/XSfST8x4p6

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) November 12, 2025

Circle Explores a Native Token for Arc Blockchain

Alongside the earnings report, Circle confirmed that it is exploring the possibility of launching a native token for its Arc blockchain, which debuted its public testnet on Oct. 28. The Arc network is designed as a Layer-1 chain optimized for stablecoin and programmable finance applications.

More than 100 leading institutions from traditional finance and crypto, including players in capital markets, banking, and digital assets, joined the network’s launch.

The potential Arc token would play a key role in expanding programmable finance capabilities, allowing Circle to deepen its blockchain infrastructure beyond stablecoin issuance.

Strong Financial Outlook and Institutional Expansion

Circle also raised its 2025 “other revenue” outlook to $90–$100 million, citing growth in subscription services, payments, and transaction volumes. Reserve income surged 60%, driven by a 97% increase in average USDC in circulation to $67.8 billion.

The company reported Adjusted EBITDA of $166 million, up 78% year over year, while operating expenses totaled $131 million.

Circle’s Payments Network, a core part of its expansion strategy, now supports flows in eight countries, with 29 financial institutions onboarded and over 500 in the pipeline. Its USYC tokenized money market fund also grew to nearly $1 billion in assets under management (AUM) as of Nov. 8.

Analysts See USDC Gaining Edge Over Tether

Recent research from major financial firms suggests that USDC is outpacing Tether (USDT) in onchain growth. Analysts from JPMorgan noted that regulated backing, exchange integrations, and use in cross-border payment pilots are giving USDC a competitive edge among institutions.

A William Blair report called Circle the “top stablecoin play” for investors eyeing the $20 trillion global payments market, suggesting that USDC could “supplant fiat” in digital settlement infrastructure.

Analysts at Bernstein further projected that USDC’s supply could triple by 2027, capturing up to one-third of the global stablecoin market, supported by policy clarity and institutional demand.

Conclusion: Circle’s Growth Fuels Next Blockchain Chapter

Circle’s latest results highlight a company shifting from a pure stablecoin issuer to a comprehensive digital finance infrastructure provider. As USDC continues to gain institutional trust and Arc evolves toward a possible native token launch, Circle appears well-positioned to shape the next era of blockchain-based finance.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.