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What were the key takeaways from Circle’s earnings call?

- **USDC Dominance**: $73.7B in circulation, 108% YoY growth, with transaction volume up 580% to $9.6T.
- **Arc Network Launch**: Public testnet with 100+ participants, exploring native token for governance.
- **CPN Expansion**: 500+ institutions in pipeline, $3.4B annualized transaction volume.
- **Financial Performance**: 78% YoY EBITDA growth, 57% margin, and 66% revenue growth.
- **Market Leadership**: 29% stablecoin market share, 40% of Visa's stablecoin transaction volume.

**【CEO Summary】**
- USDC in circulation reached $73.7 billion, up 108% year-over-year, with transaction volume growing 580% YoY to $9.6 trillion.
- Launched Arc public testnet with over 100 participants, exploring a native token for governance and incentives.
- Circle Payments Network (CPN) expanded to 500+ institutions, with 29 live members and $3.4 billion annualized transaction volume.
- Tokenized money market fund (USYC) grew 200% to $1 billion, becoming the second-largest in the world.

**【CFO Financial Commentary】**
- Total revenue and reserve income: $740 million (66% YoY growth).
- Adjusted EBITDA: $166 million (78% YoY growth), margin expanding to 57%.
- RLDC margin: 39.5%, down 270bps YoY due to lower reserve rates.
- Operating expenses: $131 million (35% YoY growth), driven by partnerships and platform investments.

**【Q&A Highlights】**
- **CPN Growth**: 500+ institutions in pipeline, 29 live members, and 100x growth in monthly transaction volume.
- **Arc Token Exploration**: Potential native token for governance, incentives, and network participation.
- **Regulatory Impact**: GENIUS Act clarity driving institutional adoption, with USDC share of stablecoin transactions at 40%.
- **Competitive Position**: 29% market share of stablecoins, up from 2% YoY, with strong liquidity and compliance advantages.
- **Cost Efficiency**: Scalable model with operating leverage, 35% YoY expense growth vs. 55% revenue growth.

Circle Internet Group, Inc. (CRCL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CRCL

CRCL fundamentals

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