Stablecoin Boom: Circle’s USDC Circulation Doubles, Lifting Revenue

• Circle Internet reported that the circulation of USDC increased 108% year-over-year in Q3.
• Circle posted total revenue and reserve income of $740 million, up 66% YoY. 
• The company’s share of the global stablecoin market rose to 29%.

 Circle Internet Group Inc. (CRCL) said on Wednesday that USDC circulation reached $73.7 billion in the third quarter (Q3), an increase of 108% year-on-year.

The issuer of the U.S. dollar-pegged stablecoin reported strong Q3 results, fueled by rising adoption of its digital currency and growth in reserve income. 

Q3 Performance 

Circle posted total revenue and reserve income of $740 million, up 66% YoY. Net income surged to $214 million, reflecting a 202% YoY, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 78% YoY to $166 million. Earnings per share (EPS) were $0.64. 

Both revenue and EPS surpassed the analysts’ consensus estimate of $699.57 million and $0.2, respectively, according to Fiscal AI data.  

Circle Internet’s stock traded over 3% higher in Wednesday’s premarket. On Stocktwits, retail sentiment around the stock jumped to ‘bullish’ from ‘bearish’ territory the previous day. Message volume improved to ‘high’ from ‘normal’ levels in 24 hours. 

Surging USDC Growth And Ecosystem Expansion

Circle’s latest data shows significant traction for USDC across the digital finance ecosystem. Average USDC in circulation reached $67.8 billion, representing 97% YoY growth. The company also reported that its share of the global stablecoin market rose to 29%. The number of ‘meaningful wallets’ holding USDC increased 77% to 6.3 million. 

Reserve income, which forms the bulk of Circle’s revenue, totaled $711 million for the quarter.

“As digital dollars become integrated with the technological utility of the internet, Circle’s infrastructure is helping global finance move with greater trust, transparency and velocity.”

-Jeremy Allaire, CEO and Chairman, Circle.

CRCL stock has gained over 18% since its listing in June. 

Also See: IBM Launches Most Powerful Quantum Chip Yet, Eyes Fault-Tolerant Computer By 2029

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