"Circle Internet Group released its third-quarter earnings on Wednesday, November 12, announcing a 66% jump in revenue and reserve income year-over-year (YOY). The $740 million figure stemmed, in large part, from a 97% increase YOY of average USDC in circulation. USDC, Circle's flagship cryptocurrency stablecoin, is pegged to the U.S. dollar. It's also one of the largest stablecoins in the world. In August, Circle announced Arc, a public blockchain designed specifically for stablecoins, such as USDC."
"In the earnings report, Circle claimed that over 100 companies are taking part in the launch of Arc public testnet. Jeremy Allaire, cofounder, CEO, and chairman at Circle, said the test was "met with extraordinary enthusiasm from partners across traditional and digital finance-evidence of the deep and diverse ecosystem forming around open, programmable money." Furthermore, Circle reported a net income of $214 million, a 202% improvement YOY."
Circle Internet Group reported third-quarter revenue of $740 million, a 66% year-over-year increase driven largely by a 97% YOY rise in average USDC in circulation. USDC is pegged to the U.S. dollar and ranks among the largest stablecoins globally. Circle announced Arc, a public blockchain for stablecoins, and said over 100 companies are participating in the Arc public testnet. Circle reported net income of $214 million, a 202% YOY improvement, and noted that all YOY figures are based on private earnings during Q3 2024. Circle raised its 2025 adjusted operating expense outlook to $495–$510 million, citing platform investment and higher payroll taxes, and its shares fell in premarket trading after recent declines.
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