Circle’s USDC volume jumps 49% to $13.9 trillion in Q3

Circle reported $865 million in third-quarter revenue and reserve income, up 17% year over year, as USDC on-chain transaction volume rose 49% to $13.9 trillion. Adjusted EBITDA increased 85% to $317 million, according to Circle’s quarterly results.

Circle’s results landed in a softer crypto market, but USDC activity continued to expand. The report put greater weight on usage than on the revenue headline: transaction activity grew far faster than the stablecoin’s circulating supply.

What changed in the quarter?

• Revenue and reserve income reached $865 million, up 17% from the same quarter a year earlier.
• Adjusted EBITDA rose 85% to $317 million.
• Average USDC circulation was $73.3 billion, up 8% year over year.
• USDC ended the quarter with approximately $74 billion in circulation.
• On-chain transaction volume rose 49% to $13.9 trillion.

The figures point to operating leverage: adjusted EBITDA grew 85%, far faster than the 17% increase in revenue and reserve income. That combination suggests Circle’s business is maturing as usage and reserve income expand.

The clearest operating change was the divergence between usage and supply. On-chain transaction volume rose 49% while average circulation increased 8%. USDC therefore carried more transaction activity even as the amount outstanding expanded at a slower pace.

USDC ended the period with approximately $74 billion in circulation, slightly above the $73.3 billion average recorded for the quarter. The ending balance stayed close to the quarter’s average supply base even as transaction volume expanded sharply.

What does the 79%-to-27% split mean?

USDC handled 79% of stablecoin transaction volume while representing roughly 27% of stablecoin supply, according to the report. Its transaction share ran far above its share of outstanding stablecoins, giving it a dominant role in actual stablecoin use.

For Circle, supply and transaction activity are separate business levers. A meaningful part of the model rests on the reserves backing USDC, so growth in circulation remains an important revenue lever even when transaction volume is the faster-moving statistic.

The 49% gain in volume against 8% circulation growth makes the distinction clear: one measure tracks movement across the network, while the other tracks the reserve base tied to tokens in circulation.

The split also shows that most stablecoin supply still sits elsewhere. Circle built transaction leadership without a matching majority of supply, leaving a wide gap between USDC’s activity share and its position among outstanding stablecoins.

Which partnerships could extend USDC’s reach?

Circle has worked with SAP, Visa and Binance. Those relationships span enterprise software, card payments and crypto trading, giving USDC exposure to three distinct channels for institutional and payments use.

The partnerships are a separate variable from Circle’s quarterly reserve and usage metrics. Enterprise and payments integrations take time to show up in the numbers, so their effect depends on sustained adoption rather than partnership announcements alone.

Circle’s reserve economics still matter even when usage leads the operating narrative. Stronger transaction activity can reinforce USDC’s utility, while circulation remains the more direct lever on the reserves backing the token and the reserve income they generate. Tracking both figures will show whether the company can convert transaction share into broader supply adoption.

The next test for Circle is whether its SAP, Visa and Binance relationships lift circulation as well as transaction share, narrowing the gap between USDC’s use leadership and its roughly 27% supply position; enterprise and payments integrations can take time to reach reported results.