Circle’s USDC Keeps Climbing; William Blair Reiterates Outperform After 3Q Results

Why It Matters

Higher USDC usage and upgraded revenue guidance underscore Circle’s growing influence over digital dollar ecosystems, potentially widening the gap between USDC and competing stablecoins and attracting capital to its infrastructure platforms.

Summary

Circle reported third‑quarter results that beat both its own and Wall Street forecasts, prompting William Blair to reaffirm its outperform rating on the company’s stock. USDC’s transaction volume surged, with trailing twelve‑month TPV climbing 101‑fold to an annualized $3.4 billion, driving fee revenue and prompting Circle to raise its 2025 transaction‑revenue outlook to $90‑$100 million. The firm highlighted progress on its infrastructure, including the orchestration layer CPN and its Layer‑1 blockchain Arc, which now has 100 ecosystem participants and aims for a 2026 mainnet launch. Despite a 3.9% pre‑market dip to about $94.50, analysts see USDC cementing its position as the dominant stablecoin, giving Circle a strategic edge in the programmable‑money market.