Circle, the issuer behind the USDC stablecoin, is exploring the launch of a native token for its new Arc blockchain, marking another step in its ambition to expand programmable finance onchain. The update came alongside a strong third-quarter earnings report showing sharp growth in both USDC circulation and profitability.
Circle’s Expanding Onchain Vision
The NYSE-listed company confirmed it is “exploring the possibility” of creating a native token for Arc, its recently launched Layer 1 blockchain designed for stablecoin-based financial infrastructure. Circle said the potential token would support the network’s role as a foundation for more programmable, transparent financial systems.
Arc’s public testnet went live on October 28, attracting more than 100 partners from both traditional finance and crypto sectors — including players in capital markets, banking, payments, and digital assets. The project underscores Circle’s strategy to bridge conventional finance with blockchain innovation.
Strong Financial Performance in Q3
In its third-quarter earnings, Circle reported total revenue and reserve income of $740 million, a 66% increase year-over-year, while net income jumped 202% to $214 million. The supply of USDC in circulation reached $73.7 billion, up 108% from the same period last year.
The company also raised its 2025 guidance for “other revenue” to $90–$100 million, citing strong performance from subscriptions, services, and transactions. CEO Jeremy Allaire highlighted in a post on X (formerly Twitter) that Circle made “huge progress” in helping major startups and financial firms adopt its platforms.
This morning we shared our Q3 results @Circle.
— Jeremy Allaire - jda.eth / jdallaire.sol (@jerallaire) November 12, 2025
We made huge progress delivering platforms for the world’s leading startups and financial firms, and saw strong growth and market-share gains for @usdc.
With @Arc, over 100 major companies are helping us design and test a new… pic.twitter.com/XSfST8x4p6
Reserve income climbed 60% year-over-year to $711 million, driven by a 97% increase in the average amount of USDC in circulation to $67.8 billion. Adjusted EBITDA rose 78% to $166 million, while adjusted operating expenses stood at $131 million.
Circle’s Payments Network also expanded, now operating across eight countries with 29 financial institutions onboarded and 500 more in the pipeline. Meanwhile, its USYC tokenized money market fund reached approximately $1 billion in assets under management as of November 8.
USDC Gains Ground Against Rivals
USDC continues to build momentum in the stablecoin market. Recent JPMorgan research indicated that USDC’s onchain growth has outpaced Tether’s USDT, thanks to its regulated reserves, deeper integration with exchanges, and growing use in cross-border payment pilots — factors that have made it more appealing to institutional players.
Investment firm William Blair called Circle the “top stablecoin play” for those targeting the $20 trillion global payments market, arguing that USDC could one day replace fiat currencies in digital settlements. Similarly, Bernstein Research forecasts that USDC’s supply could triple by 2027, potentially capturing one-third of the worldwide stablecoin market — fueled by regulatory clarity and institutional adoption under initiatives like the GENIUS Act.
The Bottom Line
Circle’s latest quarter underscores its dual momentum: strong financial performance and growing industry influence. As the company considers a native token for Arc and continues to expand USDC’s global reach, it’s positioning itself at the forefront of a rapidly evolving digital payments landscape.
