Circle (CRCL.N) announced a significant increase in its third-quarter revenue, fueled by rising reserve income from its flagship USD Coin (USDC) stablecoin, as global demand for digital currencies backed by low-risk assets continues to grow.

USDC Circulation Surges

Circle reported that the circulation of USDC, a stablecoin pegged to the U.S. dollar, more than doubled compared with the previous year, reaching $73.7 billion. The growth reflects broader trends in cryptocurrency adoption, with traditional financial institutions increasingly offering digital asset products and more investors seeking the stability of dollar-backed tokens.

Revenue for the three months ending September 30, 2025, totaled $740 million, up sharply from $446 million during the same period last year. This growth was largely driven by reserve income, earned from the strategic investment of fiat reserves that underpin the USDC stablecoin.

Regulatory Environment Supports Growth

The United States’ efforts to establish a clear regulatory framework for stablecoins have supported investor confidence and institutional adoption. Earlier this year, the Genius Act was enacted, aiming to enhance the safety and transparency of digital payments and position the U.S. as a global leader in cryptocurrency regulation.

Circle CEO and executives have emphasized that the combination of robust USDC circulation, rising reserve income, and an increasingly supportive regulatory environment has positioned the company for continued expansion in the digital payments and cryptocurrency markets.

Global Stablecoin Adoption Trends

Analysts note that the growth in USDC reflects wider trends across the stablecoin market, as companies and consumers increasingly use digital tokens backed by low-risk assets such as U.S. dollars or Treasuries. The digital currency sector is benefiting from both institutional adoption and regulatory clarity, which together are driving the next phase of growth for platforms like Circle.

With Circle’s stablecoin revenue and global USDC circulation climbing, the company is poised to capitalize on the expanding role of crypto in traditional finance, while continuing to attract institutional and retail investors seeking stability and transparency in digital payments.