Circle’s Q3 Revenue Soars 66%, USDC Circulation Reaches Record High

Circle Internet Group, the stablecoin issuer behind USD Coin (USDC), has released its third-quarter earnings report, showcasing strong growth across all operations. Circle reported a net income of $214 million, an impressive year-over-year increase of 202%. This surge in profits was accompanied by a significant boost in revenue and reserves, with total revenue and reserve income exceeding previous figures by over 66% to reach $740 million. The company’s EBITDA also surged by 78%, reaching $166 million. 29% of the overall market share in stablecoins is held by USDC, demonstrating its growing adoption and influence within the digital asset landscape.