Circle Internet Group (CRCL) Company Report

Circle's stablecoin network is the largest regulated stablecoin network globally.
In Q3, the network handled almost $10 trillion of on-chain transactions, with money in circulation growing 108% year-over-year, contributing $740 million of top-line revenue.
The company is expanding its offerings with the Arc blockchain network (a layer one blockchain for regulated financial activity in beta test) and a money movement payment network (CPN).
The GENIUS Act has become federal law, providing legal certainty for stablecoins, and the total stablecoin market is projected to grow from $300 billion to multiple trillions over the next five years.
Circle anticipates stablecoins will serve as the foundational currency for the AI-native economy, expecting exponential growth in total payment volumes over the next three to five years due to AI agents.

Nov 19, 2025, 4:15 PM

Transcript

Circle Reports Strong Q3 Performance and Strategic Initiatives

CRCL

Revenue Acceleration/Inflection

New Projects/Investments

Circle's stablecoin network is the largest regulated stablecoin network in the world, handling almost $10 trillion of on-chain transactions in Q3, and generating $740 million in top-line revenue with 108% year-over-year growth in money circulation.
The company is expanding its offerings with Arc, a new layer one blockchain network purpose-built for regulated financial activity currently in beta test, and is building a money movement payment network (CPN).
The Genius Act, a stablecoin bill, became federal law this summer, providing crucial legal certainty for stablecoins and driving market behavior towards compliance.
Circle anticipates exponential growth in stablecoin transactions over the next three to five years, driven by the increasing deployment of AI agents operating in the economy.

Nov 19, 2025, 4:15 PM

Transcript

Circle Reports Strong Q3 Stablecoin Performance, Unveils Arc Blockchain and AI Vision

CRCL

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Circle's stablecoin network processed almost $10 trillion in on-chain transactions in Q3, with money in circulation growing 108% year over year, contributing to $740 million in top-line revenue.
The company is expanding its platform with the beta launch of Arc, a layer one blockchain for regulated financial activity, and the development of the Circle Payment Network (CPN) for international money movement.
Circle projects the stablecoin market to grow from $300 billion to multiple trillions over the next five years, supported by increasing regulatory certainty globally, including the Genius Act in the US.
CEO Jeremy Allaire foresees stablecoins becoming the foundational currency for the AI-native economy, predicting exponential growth in transaction volumes within three to five years driven by AI agents.

Nov 19, 2025, 4:15 PM

Transcript

CRCL Announces Strong Q3 2025 Financial Results and Network Growth

CRCL

Earnings

Guidance Update

Revenue Acceleration/Inflection

CRCL reported Total Revenue & Reserve Income of $740 million in Q3 2025, a 66% year-over-year increase, with Adjusted EBITDA reaching $166 million, up 78% year-over-year.
The company's Adjusted EBITDA Margin expanded to 57% in Q3 2025, marking a 737 basis point year-over-year improvement.
Network growth was robust, with USDC in circulation at $73.7 billion, a 108% year-over-year increase, and USDC onchain volume at $9.6 trillion, growing 6.8 times year-over-year.
CRCL updated its FY 2025 guidance, raising the outlook for Other Revenue to $90-$100 million and Adjusted Operating Expenses to $495-$510 million.

Nov 12, 2025, 1:00 PM

Presentation

Circle Announces Strong Q3 2025 Financial and Operational Growth

CRCL

Earnings

Guidance Update

Product Launch

Circle (CRCL) reported strong Q3 2025 financial results, with total revenue and reserve income growing 66% year-on-year to $740 million and adjusted EBITDA increasing 78% year-on-year to $166 million.
Operational metrics showed significant expansion, with USDC in circulation up 108% year-over-year to $73.7 billion and on-chain transactions using USDC growing 580% year-over-year to $9.6 trillion in Q3 2025. Circle's stablecoin market share reached 29%.
Strategic developments include the launch of the Arc public testnet with over 100 participants and the exploration of a native token for the Arc network. The Circle Payments Network (CPN) also expanded, achieving an annualized transaction volume of $3.4 billion.
For full-year 2025, Circle updated its guidance, raising other revenue to $90-$100 million and adjusted operating expenses to $495-$510 million, with RLDC margin expected around 38%.

Nov 12, 2025, 1:00 PM

Transcript

Circle Reports Strong Q3 2025 Financial and Operational Growth

CRCL

Earnings

Product Launch

Revenue Acceleration/Inflection

Circle reported strong Q3 2025 financial results, with total revenue and reserve income reaching $740 million, a 66% year-on-year increase, and adjusted EBITDA growing 78% year-on-year to $166 million.
USDC in circulation grew 108% year-on-year to $73.7 billion, while on-chain transactions using USDC increased 580% year-on-year to $9.6 trillion in Q3 2025, expanding Circle's stablecoin market share to 29%.
The company launched the ARC public testnet with over 100 participants and is exploring a native token for the ARC network to enhance utility and governance.
Circle Payments Network (CPN) expanded its product portfolio, increasing enrolled financial institutions to 29, with an additional 55 institutions in eligibility reviews.
Cross-chain transfer protocol (CCTP) volume grew approximately 640% year-on-year to $31.3 billion in Q3 2025, representing 47% of all bridged volume from major providers.

Nov 12, 2025, 1:00 PM

Transcript

CRCL Reports Strong Q3 2025 Financial Results and Operational Growth

CRCL

Earnings

Guidance Update

New Projects/Investments

CRCL reported strong Q3 2025 financial results, with total revenue and reserve income reaching $740 million, a 66% year-on-year growth, and adjusted EBITDA of $166 million, up 78% year-on-year.
USDC in circulation grew 108% year over year to $73.7 billion, and on-chain transactions using USDC increased 580% year over year to $9.6 trillion in Q3 2025, contributing to a 29% stablecoin market share.
The company launched the ARK network into public testnet and significantly expanded its Circle Payments Network (CPN), which reached an annualized transaction volume of $3.4 billion.
CRCL updated its full-year 2025 guidance, increasing other revenue to $90-$100 million and adjusted operating expenses to $495-$510 million, with RLDC margin expected around 38%.

Nov 12, 2025, 1:00 PM

Transcript

Circle Internet Group, Inc. Announces Strong Q3 2025 Results and Raised FY 2025 Guidance

CRCL

Earnings

Guidance Update

New Projects/Investments

Circle Internet Group, Inc. reported strong Q3 2025 financial results, with total revenue and reserve income of $740 million, a 66% year-over-year increase, and net income of $214 million, up 202% year-over-year.
USDC in circulation reached $73.7 billion at quarter-end, marking a 108% year-over-year growth.
The company launched the Arc public testnet with over 100 participating companies and is exploring a native token on the Arc Network, while expanding its Circle Payments Network (CPN) to 29 financial institutions.
Circle raised its FY 2025 guidance for Other Revenue to $90-$100 million and Adjusted Operating Expenses to $495-$510 million.

Nov 12, 2025, 11:26 AM

8-K

Circle Internet Group Reports Strong Q3 2025 Results and Raises FY 2025 Outlook

CRCL

Earnings

Guidance Update

New Projects/Investments

Circle Internet Group reported robust financial performance for Q3 2025, with USDC in circulation growing 108% year-over-year to $73.7 billion and total revenue and reserve income increasing 66% year-over-year to $740 million.
The company achieved a 202% year-over-year increase in Net Income to $214 million and a 78% year-over-year rise in Adjusted EBITDA to $166 million for the third quarter.
Key corporate developments include the launch of the Arc public testnet with over 100 participating companies and the exploration of a native token on the Arc Network.
Circle raised its full-year 2025 outlook for Other Revenue to $90-$100 million and Adjusted Operating Expenses to $495-$510 million, while anticipating RLDC Margin to be ~38%.

Nov 12, 2025, 11:25 AM

Press Release

Circle and Finastra Collaborate on Stablecoin Settlement

CRCL

New Projects/Investments

Product Launch

Circle Internet Group, Inc. has announced a strategic collaboration with Finastra, a global leader in financial services software.
This collaboration will enable banks to integrate USDC settlement into cross-border payment flows, leveraging Finastra's payment hub solutions, including Global PAYplus (GPP).
The initiative aims to provide rapid, cost-effective international transfers and reduce reliance on traditional correspondent banking chains, accelerating settlement times for Finastra's GPP customers, who process over $5 trillion in cross-border transactions daily.

Aug 27, 2025, 1:04 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Circle Internet Group.

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