Circle’s USDC Surpasses $65.2 Billion Circulation Amid 90% YoY Growth and Regulatory Momentum

Circle’s USDC stablecoin reached a circulation of $65.2 billion by August 2025, following a 90% year-over-year increase from $61.3 billion at the end of Q2 2025 [2]. The growth highlights the increasing role of stablecoins in global blockchain and financial infrastructure. Circle reported a 53% year-over-year rise in total revenue and reserve income, reaching $658 million in Q2, while adjusted EBITDA climbed 52% to $126 million [2]. Despite these gains, the firm recorded a $482 million net loss for the quarter, largely due to non-cash IPO-related expenses, including $424 million in stock-based compensation and $167 million from fair value adjustments on convertible debt [2].

Circle raised $1.2 billion through its June 2025 IPO, selling 39.1 million shares at $31 each, with $583 million in net proceeds after underwriting costs [2]. These funds supported the launch of Arc, an open layer-1 blockchain built for stablecoin-based financial services, using USDC as its native gas token [2]. The development reinforces Circle’s long-term vision of enhancing financial inclusion and innovation through stablecoin infrastructure.

In the same quarter, Circle expanded its strategic partnerships, forming key collaborations with firms including Binance, Corpay, FIS, Fiserv, and OKX [2]. These alliances aim to integrate USDC into traditional banking and crypto services, broadening its utility and adoption. The company also launched the Circle Payments Network in May 2025, which attracted over 100 financial institutions and solidified USDC’s standing as a preferred stablecoin for institutional use [2].

Regulatory developments further supported the stablecoin’s growth. In June 2025, U.S. President Donald Trump signed the GENIUS Act into law, establishing federal regulation for payment stablecoins [2]. The new framework is expected to enhance regulatory clarity, improve investor confidence, and encourage broader institutional adoption of stablecoins.

Jeremy Allaire, Circle’s CEO, described the company’s performance in Q2 as a reflection of its growing influence across multiple use cases and partnerships [2]. He also characterized the IPO as a pivotal moment for the company and the broader stablecoin industry. Arthur Hayes, co-founder of BitMEX, noted that the event marked the start of a “stablecoin mania” [2], though such comments represent a forecast rather than an immediate market outcome.

The continued expansion of USDC’s circulation, combined with regulatory progress, infrastructure investment, and strategic collaborations, positions Circle as a key player in the evolving stablecoin landscape [2]. As the market continues to mature, the company’s ability to maintain growth and adapt to regulatory and technological shifts will be critical to sustaining its leadership position.

Source:

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

[2] Circle Q2 2025: USDC Hits $65B, Revenue Up 53% (https://coinpaper.com/10477/circle-s-usdc-circulation-tops-65-b-as-stablecoin-adoption-grows)