Circle Internet Group, Inc. (NYSE: CRCL), the stablecoin issuer, released its earnings report for the third quarter on Nov. 12.
The company reported the total revenue and reserve income of $740 million during the third quarter, up 66% year-over-year (YoY).
Its net income increased 202% YoY to $214 million. Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 78% YoY to $166 million.
Related: Major crypto company lifts ban on gun purchase after conservative backlash
Circle's earnings per share (EPS) during Q3 rose to $0.64, beating estimates of $0.22.
The value of USDC , the iconic stablecoin issued by Circle, circulating by the end of September hit $73.7 billion, up 108% YoY.
"Circle continued to see accelerating adoption of USDC and our platform in the third quarter as we build the new Economic OS for the internet," said Circle co-founder, chairman, and CEO Jeremy Allaire.
Wall Street's biggest crypto IPO left $3 billion on the table
Circle Internet Financial, has set a historic benchmark for crypto companies entering public markets. Its New York Stock Exchange debut on June 5, 2025, delivered the largest two-day post-IPO surge since 1980, according to Fortune .
By the close of trading on June 6, Circle's shares had soared nearly 250% — a record unmatched by any U.S. IPO raising over $500 million in the past 45 years.
Here's how other companies fared in comparison to Circle.
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Circle Internet Financial: Posted a 250% two-day surge, the largest IPO jump since 1980, according to Fortune (June 2025) .
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Gemini Space Station: Recorded a 20× oversubscription, the highest demand ever for a crypto IPO, reported by Reuters (September 2025) .
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Coinbase (COIN): Reached an $86 billion direct listing valuation, marking the first major U.S. crypto exchange listing, per CNBC (2021) .
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Bullish Global: Completed a $9 billion institutional IPO, one of the largest digital asset listings, reported by Bloomberg (March 2025) .
Related: Stablecoins make dollar transfers as easy as sending email, says Circle president
Circle explores new native token
It was in August that Circle announced Arc, an open layer-1, stablecoin-centric blockchain.
The company said more than 100 companies spanning across banking, payments, digital assets, capital markets, asset issuers, and developers participated in the public testnet launch.
The total market capitalization of stablecoins remains steady at $305.18 billion, underscoring their growing importance as the backbone of on-chain liquidity and global payments.
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Tether (USDT) continues to hold the lion's share of the market, commanding 60.1% dominance with a market cap of $183.44 billion and daily trading volume near $95 billion, according to CoinGecko data.
USD Coin (USDC) ranks second at $76.00 billion, representing roughly 25% of total supply, while USDS, a newer entrant to the sector, holds $9.18 billion in circulation — just under 3% of the market.
"The launch of the Arc public testnet met with extraordinary enthusiasm from partners across traditional and digital finance – evidence of the deep and diverse ecosystem forming around open, programmable money," said Allaire.
Circle said it is now exploring the possibility of launching a native token on the Arc Network.
Besides, the Circle Payments Network (CPN) continued to expand and attracted 29 new financial institutions enrolled on CPN, 55 going through eligibility reviews, and 500 in the pipeline.
"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," said Allaire.
The company's stock fell 5.5% yesterday to close at $98.30. It was exchanging hands at $94.07 in pre-market hours on Nov. 12.
Related: Circle announces new blockchain amid blockbuster earnings
This story was originally reported by TheStreet on Nov 12, 2025, where it first appeared in the Business News section. Add TheStreet as a Preferred Source by clicking here.
