Circle’s USDC Growth Drives 66% Revenue Surge in Q3
Circle Internet Financial reported a $740 million haul in third-quarter revenue and reserve income, marking a 66% annual increase as its USDC stablecoin circulation surpassed $73 billion. The dollar-pegged token's supply more than doubled year-over-year, fueling the majority of growth for the New York-based issuer.
Net income skyrocketed 202% to $214 million, with adjusted EBITDA climbing 78% to $166 million. Reserve income—generated from assets backing USDC—reached $711 million despite a 96 basis point compression in yield returns. "We're building the economic operating system for the internet," CEO Jeremy Allaire stated, highlighting accelerating adoption of digital dollar infrastructure.
Ancillary revenue streams surged from $1 million to $29 million, signaling diversification beyond stablecoin issuance. The growth came at a cost—operating expenses jumped 70% to $211 million as Circle invested in global expansion.
