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Circle Reports 17% Revenue Growth as Stablecoin Payments Network Expands

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Circle Reports 17% Revenue Growth as Stablecoin Payments Network Expands

Digital currency platform and stablecoin issuer Circle released its third-quarter earnings this week. The New York-based company reported that its total revenue and reserve income reached $865 million in the third quarter of this year, representing a 17% increase over last year. Additionally, the fintech reported an increase in USDC transaction activity. Here’s a breakdown of what is behind these two headline figures.

Circle reported that $658 million of the $865 million in revenue and reserve income was generated via reserves. The company reported that this figure was down 8% year over year, citing lower interest rates as the cause of the drop. Of the remaining $207 million in other revenue, $182 million was the result of a private presale of Circle’s ARC token. Interestingly, without the contribution of funds from that sale, Circle’s total revenue and reserve income would have been approximately $683 million, below the 2025 reported total. While Circle is generating revenue in ways beyond interest earned on USDC reserves, the quarter’s revenue growth was not the result of an established or recurring revenue stream.

From a banking perspective, what is particularly notable about these results is that Circle’s USDC on-chain transaction volume reached $13.9 trillion in the third quarter, marking an increase of 49% from last year, while overall average USDC in circulation totaled $73.3 billion, which is up only 8% year on year. This difference in growth suggests that USDC is seeing considerably more transaction activity without a comparable increase in the amount circulating.

All of this growth comes as Circle has been expanding its payments network through acquisitions.


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