Circle Reports $73.7B USDC Circulation, Q3 Profit Rises 108%

Circle Internet Financial reported USDC ([USDC](https://holder.io/coins/usdc/)) circulation reached $73.7 billion by the end of Q3 2025, a 108% increase year-over-year.
The company achieved a net income of $214 million for Q3 2025 with total revenue and reserve income at $740 million, marking a 66% increase from the previous year.
Adjusted EBITDA was reported at $166 million, representing a 78% increase year-over-year.
Average USDC in circulation during Q3 was $67.8 billion with a reserve return rate of 4.2%.
USDC's market share among USD-denominated fiat-backed stablecoins over $100 million circulation was 29% as of the quarter's end.
Onchain transaction volume for USDC reached $9.6 trillion, reflecting a 680% increase year-over-year.

Arc Network Development

Circle's Arc Network public testnet attracted over 100 companies, including BlackRock, Goldman Sachs, and Amazon Web Services.
The blockchain infrastructure is aimed at supporting institutional-grade digital asset applications.
Circle is exploring the launch of a native token on the Arc Network, though no details on utility or timeline were provided.

USDC remains the second-largest stablecoin globally, following Tether's [USDT](https://holder.io/coins/usdt/) with approximately $183 billion in circulation and about 60% market share.
The overall stablecoin market approached $316 billion, with Tether projecting a $15 billion profit for 2025.
Tether's user base reached 500 million verified users by October.
Circle operates as a licensed money transmitter under state regulations while awaiting federal regulatory clarity.