The issuer of the U.S. dollar-pegged stablecoin reported strong Q3 results, fueled by rising adoption of its digital currency and growth in reserve income.
- Circle Internet reported that the circulation of USDC increased 108% year-over-year in Q3.
- Circle posted total revenue and reserve income of $740 million, up 66% YoY.
Circle Internet Group Inc. (CRCL) said on Wednesday that USDC circulation reached $73.7 billion in the third quarter (Q3), an increase of 108% year-on-year.
The issuer of the U.S. dollar-pegged stablecoin reported strong Q3 results, fueled by rising adoption of its digital currency and growth in reserve income.
Q3 Performance
Circle posted total revenue and reserve income of $740 million, up 66% YoY. Net income surged to $214 million, reflecting a 202% YoY, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 78% YoY to $166 million. Earnings per share (EPS) were $0.64.
Both revenue and EPS surpassed the analysts’ consensus estimate of $699.57 million and $0.2, respectively, according to Fiscal AI data.
Circle Internet’s stock traded over 3% higher in Wednesday’s premarket. On Stocktwits, retail sentiment around the stock jumped to ‘bullish’ from ‘bearish’ territory the previous day. Message volume improved to ‘high’ from ‘normal’ levels in 24 hours.
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