Circle Reports $740M Q3 Revenue, Beating Analyst Estimates
Circle, the Boston-based fintech firm behind USDC, reported $740 million in revenue for the third quarter of 2025, significantly exceeding Wall Street expectations of around $680 million.
The strong performance underscores the accelerating institutional and retail adoption of USDC, particularly across the Solana and Ethereum ecosystems, where on-chain payments and tokenized treasury products have gained traction.
Circle’s CEO Jeremy Allaire described the quarter as “one of the company’s strongest ever,” highlighting the role of real-world asset (RWA) tokenization and cross-chain stablecoin utility in driving consistent revenue growth.
USDC Growth Accelerates on Solana and Ethereum
Circle’s Q3 report showed that over $2.3 billion in new USDC was issued on Solana during the quarter, marking a record pace of multi-chain expansion.
Meanwhile, Ethereum remains the leading network for institutional USDC use, particularly within DeFi protocols and corporate treasury platforms.
“USDC’s presence on Solana has opened the door to faster, cheaper settlement, while Ethereum continues to serve as our liquidity anchor,” said Allaire.
The company’s latest partnerships with Visa, Stripe, and BlackRock’s tokenized fund pilots also contributed to higher transaction volumes and yield-bearing reserves.
Circle’s Financial Outlook Remains Robust
Circle’s net profit margins improved to 38%, benefiting from higher interest income on reserve assets and continued growth in on-chain transaction fees.
The firm’s total reserves backing USDC now exceed $31.6 billion, fully held in short-term U.S. Treasuries and cash equivalents.
Analysts say Circle’s strong results could bolster confidence in stablecoin regulation and reaffirm its leadership position in the rapidly expanding tokenized dollar market, especially as rivals like Tether (USDT) and PayPal USD (PYUSD) expand globally.
Regulatory Clarity and Market Expansion
In the same quarter, Circle praised the U.S. Treasury’s progress toward establishing stablecoin-specific regulatory frameworks, emphasizing the company’s readiness to operate under upcoming guidelines.
Circle also announced further expansion plans into Asia and the Middle East, where demand for dollar-pegged digital assets has grown amid currency volatility.
The Bottom Line
Circle’s $740 million Q3 revenue cements its status as a profitable and maturing crypto-fintech company, well-positioned to lead the next wave of blockchain-based finance.
With deep integrations across payment networks and growing global demand for regulated, transparent stablecoins, Circle’s long-term trajectory continues to point upward — even as competition intensifies.
