Stablecoin issuer Circle has posted its Q3 earnings, showing double-digit growth across all of its financial metrics, as per an official press release.
The update comes amid increasing adoption of stablecoins due to partnerships with financial institutions, banking groups, and a pro-Trump administration openly supporting digital assets.
The Trump family owns a sizeable chunk of the market through direct management of World Liberty Financial, which created the USD1 stablecoin.
“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 CEO Jeremy Allaire.
Circle Internet Group was founded in 2013 by Allaire, who assumed the role of Chief Executive Officer upon inception. As per coinmarketcap.com, the company’s native USDC token is the second largest stablecoin by market capitalization.
Circulating USDC for the quarter was valued at $73.7 billion, a year-over-year increase of 108%. Total revenue was $740 million, a year-over-year increase of 66%, while net income was $214 million, a year-over-year increase of 202%. Adjusted EBITDA was $166 million.
Net income included two significant one-off, non-operational sources of profit; an income tax benefit of $61 million and a $48 million benefit from a reduction in value of convertible debt.