Catenaa, Tuesday, November 18, 2025- Circle is exploring a native token for its Arc blockchain as the stablecoin issuer reports strong third-quarter results, with USDC circulation more than doubling year over year.

The NYSE-listed company posted $740 million in total revenue and $214 million in net income for Q3, while raising its 2025 “other revenue” outlook to $90–$100 million.

Circle launched the Arc public testnet on Oct. 28, attracting over 100 traditional finance and crypto participants, including firms focused on banking, payments, and capital markets.

The potential Arc token is positioned as part of Circle’s broader effort to expand programmable finance on its Layer 1 chain.

USDC in circulation reached $73.7 billion at the end of Q3, up 108% from last year. Reserve income increased 60% to $711 million, driven by a 97% rise in average USDC in circulation to $67.8 billion. Adjusted EBITDA grew 78% year over year to $166 million, while operating expenses totaled $131 million.

Circle also highlighted expanding use of its Circle Payments Network, now active in eight countries with 29 financial institutions enrolled and 500 more in the pipeline.

Its tokenized money market fund, USYC, reached approximately $1 billion in assets under management by November 8.

Analysts have noted USDC’s onchain growth surpasses Tether’s USDT, with regulated backing and institutional adoption fueling demand.

Bernstein projects USDC supply could triple by 2027, potentially capturing one-third of the global stablecoin market.

Circle’s Q3 surge in revenue, profit, and USDC circulation positions the firm for potential expansion with a native Arc token and growing global stablecoin influence.