Stablecoin issuer Circle Internet's Q3 revenue beats expectations, but raises full-year spending guidance

The issuer of the US stablecoin USDC, Circle Internet (CRCL.US), announced on Wednesday that its earnings per share for the third quarter were $0.64, exceeding market expectations of $0.20; revenue was $740 million, a year-on-year increase of 66%, also above expectations. However, the company adjusted its full-year outlook to reflect increased expenses, and the stock price fell about 7% in early trading.

As of the end of September, the circulation of USDC reached $73.7 billion, more than double that of the same period last year. The company indicated that it has raised its forecast for non-reserve revenue (such as subscriptions and services) for 2025 to a median of $95 million, up from a previous estimate of $80 million.

However, the increase in its cost forecast is even larger. Circle expects its operating expenses this year to be between $495 million and $510 million, higher than the previous guidance of $475 million to $490 million, primarily due to the company's plan to launch the Arc blockchain network. Additionally, Circle stated that it is considering issuing its own token on that network