Dateline: Wednesday, November 12, 2025
Circle Internet Group (NYSE: CRCL) posted a muscular third quarter and nudged its 2025 outlook higher this morning. By midday, shares were trading around $98.30 (delayed), as investors weighed faster USDC adoption against rising operating spend. 1
What moved CRCL today
- USDC growth powered the quarter. Circle ended Q3 with $73.7B USDC in circulation, up 108% year over year. Total revenue and reserve income hit $740M (+66% YoY), with net income of $214M (+202% YoY) and adjusted EBITDA of $166M (+78% YoY). The company also highlighted momentum around its Arc public testnet and expanding bank/payment rails. 2
- Fresh guidance—more revenue, more investment. Management raised 2025 “Other Revenue” to $90–100M (from $75–85M) and nudged RLDC margin (revenue less distribution costs) to ~38% for the year. Adjusted operating expenses are now $495–510M as Circle steps up platform and partnership spend. 2
- Street and wire coverage. Newswires flagged the top-line beat and the continued tailwind from USDC reserves; early pieces pointed to stronger-than-expected profit metrics. 3
Key numbers investors care about
- USDC in circulation (end of Q3): $73.7B (+108% YoY)
- Total revenue & reserve income:$740M (+66% YoY)
- Net income:$214M (+202% YoY)
- Adjusted EBITDA:$166M (+78% YoY)
- RLDC margin (Q3):39% (down 270 bps YoY as distribution costs scaled with USDC balances)
- Guidance updates (FY25): Other Revenue $90–100M; RLDC margin ~38%; Adjusted Opex $495–510M. 2
For earnings-per-share watchers: GAAP EPS landed at $0.64 in Q3, while at least one wire referenced a lower adjusted EPS figure in its roundup; differing methodologies can create gaps between GAAP and adjusted tallies. 4
What’s behind the results
- Reserve income + distribution costs: Higher average USDC balances and short-duration reserve yields kept reserve income robust, while revenue-sharing and distribution costs—particularly tied to on‑platform USDC—also climbed, pressuring RLDC margin versus last year. 2
- Arc and network effects: Circle’s Arc public testnet launched with 100+ participating companies across banks, payments, and digital-asset firms. Management also said it is exploring a native token to spur participation on Arc—framed explicitly as exploratory. 2
- Regulatory backdrop: U.S. policy clarity around payment stablecoins has improved this year, and regulators in multiple jurisdictions continue to sketch out rules—an important context for Circle’s growth narrative.
How the stock is trading
CRCL hovered near $98 (delayed) around midday after the report. Real‑time quotes vary by venue; check your broker for the latest. 1
The near‑term setup: what to watch next
- Interest‑rate path: Reserve income benefits from front‑end yields; a quicker Fed cutting cycle would soften this tailwind. Watch how management frames rate sensitivity going into Q4. 2
- Distribution economics: With more USDC parked on partner platforms, distribution costs rise. Track RLDC margin against the ~38% full‑year target. 2
- Arc milestones: Any concrete timelines—or a decision—on a native Arc token would be a notable catalyst, as would additional bank/payment integrations through the Circle Payments Network. 2
- Policy moves: Follow developments as agencies implement the new U.S. stablecoin framework and any parallel action in the U.K./EU, which could open (or narrow) lanes for USDC usage.
Ticker note (avoid confusion)
There are two “CRCL” tickers in market data:
- NYSE: CRCL — Circle Internet Group (this article). 1
- LSE: CRCL — Corcel plc (Angola/Brazil‑focused energy minnow). No new RNS today; its latest update was a Nov 6 permit for seismic and exploration at KON‑16. 5
Bottom line
Circle delivered a classic “high‑growth with investment” quarter: USDC adoption and reserve income pushed revenue and profit well above last year, and management raised revenue guidance while spending more to cement network effects. If rates stay supportive and Arc/CPN milestones land on time, CRCL’s fundamental story remains tied to two levers—how much USDC circulates and how cheaply it’s distributed. Keep an eye on margin math as distribution scales, and on the policy tape that governs stablecoins’ day‑to‑day utility. 2
Disclosure: This article is for information purposes only and is not investment advice.
