Circle Internet Group Inc (XSWX:CRCL)

Q3 2025 Circle Internet Group Inc Earnings Call Transcript

Nov 12, 2025 / 01:00 PM GMT

Transcript 10-Q8-K

Key Points

Positve

Circle Internet Group Inc (CRCL) reported a 108% year-over-year growth in USDC circulation, reaching 73.7 billion.
On-chain transactions using USDC increased by 580% year-over-year to $9.6 trillion, highlighting the growing adoption and efficiency of USDC.
The company achieved a 66% year-over-year growth in total revenue and reserve income, amounting to $740 million.
Circle's adjusted EBITDA grew 78% year-over-year to $166 million, with a 57% adjusted EBITDA margin.
Circle continues to expand its stablecoin network, launching on five new chains, bringing the total to 28 supported chains.

Negative

The reserve return rate decreased by 96 basis points year-over-year to 4.15%, reflecting a decline in SOFA.
Total distribution, transaction, and other costs increased by 74% year-over-year to $448 million, driven by higher USDC balances on platforms like Coinbase.
RLDC margin decreased by 270 basis points year-over-year, despite a sequential improvement from the second quarter.
Transaction revenue saw a decline from $5.8 million in the previous quarter to $4.7 million, attributed to a spike in redemption revenues in the prior quarter.
The company anticipates increased adjusted operating expenses for the year, reflecting growing investment in platform capabilities and global partnerships.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CRCL.N - Circle Internet Group Inc
Q3 2025 Circle Internet Group Inc Earnings Call
Nov 12, 2025 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to the Circle Group, Circle Internet Group, 3rd quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question at that time, simply press star, followed by the number one on your telephone keypad, and if you'd like to withdraw that question again, press one.

Thank you. I would now like to turn the conference over to John Andrews, Vice President of Capital Markets and Investor relations. John, you may begin.

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