Cryptocurrency firm Circle Internet Group posted robust third-quarter revenue growth on increases in transaction volumes and in the value of its stablecoin in circulation.
USD Coin, a stablecoin issued by Circle, in circulation at the end of the quarter rose 8% to $73.3 billion.
Revenue rose 17% to $865 million on a surge in transaction volume, handily beating the average Wall Street expectation of $784 million.
The company posted net income of $226 million, or 84 cents a share, up from $214.4 million, or 64 cents a share, the year prior. Analysts polled by FactSet expected 38 cents a share.
Stablecoins are a key part of the cryptocurrency system because, unlike most digital currencies, their dollar value does not fluctuate. As a result, crypto traders often bank the proceeds from speculation in other coins in stablecoins. USDC is currently the second-largest stablecoin by market capitalization after Tether, according to CoinMarketCap.
The April launch of CPN Managed Payments settlement platforms and its recent agreement to acquire Singapore payments platform Tazapay are helping the company accelerate growth, Circle Internet said. Circle has also struck a sponsorship deal with Chelsea Football Club, and the USDC brand is displayed on the Premier League club players' jerseys this season.
The company has also pushed into artificial intelligence, with the recently launched Circle Agent Stack, a new set of services and tools to enable AI agents to make transactions using USDC.
Circle reiterated its forecast for adjusted operating expenses between $570 million and $585 million for the year.
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