Circle's USDC Surpasses $65.2 Billion in Circulation Amid 90% Year-Over-Year Growth

Circle, the issuer of the USDC stablecoin, has reported a significant surge in its stablecoin circulation, which now exceeds $65.2 billion as of August 2025, representing a 90% year-over-year increase from $61.3 billion at the end of Q2 2025 [1]. This marks a 6.4% growth in just a few weeks following the second quarter, highlighting the accelerating adoption of USDC within the global blockchain and financial ecosystems.

The stablecoin's growth is underscored by strong financial performance in the second quarter. Total revenue and reserve income increased by 53% year-over-year to $658 million, while adjusted EBITDA rose 52% to $126 million [1]. Despite these gains, Circle reported a net loss of $482 million, driven largely by non-cash expenses tied to its initial public offering (IPO), including $424 million in stock-based compensation and $167 million in fair value adjustments for convertible debt [1].

The IPO, completed in June 2025, was a landmark event not only for Circle but for the stablecoin industry as a whole. The offering raised $1.2 billion, with 39.1 million shares sold—nearly half of which were newly issued—at $31 per share [1]. The funds generated net proceeds of $583 million after underwriting expenses, providing Circle with substantial capital to expand its infrastructure and partnerships.

One of the key developments post-IPO was the launch of Arc, an open layer-1 blockchain specifically designed for stablecoin-based financial services, with USDC serving as its native gas token [1]. This move reflects Circle’s strategic shift toward building a foundational infrastructure that supports broader financial inclusion and innovation.

In parallel, Circle has significantly expanded its partnership ecosystem. The company has formed key alliances with major players such as Binance, Corpay, FIS, Fiserv, and OKX to deepen the integration of USDC across banking, payments, and cryptocurrency services [1]. These partnerships are expected to drive further adoption and utility of the stablecoin in both traditional and digital financial systems.

In May 2025, Circle also launched the Circle Payments Network, a platform that has attracted over 100 financial institutions, further positioning USDC as a preferred stablecoin for institutional use [1]. This expansion is a testament to the growing recognition of stablecoins as a critical component of modern financial infrastructure.

The broader regulatory environment also appears to be aligning with Circle’s growth trajectory. In June 2025, U.S. President Donald Trump signed the GENIUS Act into law, which established federal regulation for payment stablecoins and provided a clearer framework for their operation [1]. This legislative move is expected to enhance investor confidence and institutional participation in the stablecoin space.

Circle’s CEO, Jeremy Allaire, expressed optimism about the company’s performance, stating that the results reflected “sustained growth and adoption of our platform across a multitude of use cases and with a diverse set of industry-defining partners” [1]. He also highlighted the IPO as a pivotal moment for the company and the broader stablecoin market, signaling a shift toward more institutional and mainstream acceptance.

Industry observers have also noted the significance of Circle’s IPO. Arthur Hayes, co-founder of BitMEX, described the event as the beginning of a “stablecoin mania,” suggesting that the market is entering a new phase of growth and speculation [1]. Such commentary, however, reflects a forecasted trend rather than an immediate outcome.

Overall, Circle’s financial and operational milestones in Q2 2025 demonstrate the increasing importance of stablecoins in both traditional and digital financial ecosystems. As USDC continues to capture a larger share of the stablecoin market, the company is well-positioned to leverage its public market status and expanded partnerships to further solidify its leadership role in the space.

Source: [1] Circle’s USDC Circulation Tops $65B as Stablecoin Adoption Grows (https://coinmarketcap.com/community/articles/689bab372bf4ca25c9701062/)