Circle reported third-quarter revenue and reserve income of $865 million, up 17% year over year, while adjusted EBITDA climbed 85% to $317 million, according to the company’s latest earnings report.
Usage outpaces headline growth
USDC’s on-chain transaction volume surged 49% to $13.9 trillion during the quarter, even as broader crypto markets remained softer. The stablecoin’s average circulation was $73.3 billion, up 8% year over year, and circulation stood at approximately $74 billion by the end of the quarter.
Small share of supply, big share of activity
A striking ratio in Circle’s report: USDC handled 79% of stablecoin transaction volume while representing roughly 27% of stablecoin supply. That split highlights USDC’s dominant role in actual stablecoin transactions, while also indicating that most stablecoin supply still sits elsewhere.
Institutional partnerships
Circle’s quarter also leaned on a growing roster of big-name partners. The company has worked with SAP, Visa, and Binance, which together span enterprise software, card payments, and crypto trading. Enterprise and payments integrations take time to show up in the numbers, making them a variable to track.
Margin expansion
For investors watching Circle, the headline takeaway is margin expansion. An 85% rise in adjusted EBITDA on 17% revenue growth suggests the business is maturing. A meaningful part of the business model rests on the reserves backing USDC, so growth in circulation remains an important lever even when transaction activity is the flashier stat.
