Circle (CRCL.N) reported a significant increase in revenue during the third quarter, with revenues soaring by 66%. This growth was driven largely by higher income from its U.S. dollar-backed stablecoin, USDC, as circulation of the coin more than doubled compared to last year. Total revenue and reserve income reached $740 million for the quarter ended September 30th, a substantial jump from the $446 million recorded in the same period last year. Circle’s net profit also witnessed a notable surge, reaching $214.4 million compared to $71 million in the previous year. The company attributes this growth to the expanding use of USDC across diverse platforms such as payment processors, trading venues, and decentralized finance applications. USDC’s circulating supply now stands at a record high of $73.7 billion, signifying wider global adoption of regulated stablecoins.