来源：市场资讯 （来源：美港股观察社） 作者：Richard Durant 编译：美港股观察社 Circle第三季度业绩表现强劲，其收入多元化的努力已开始见效。不过，这一成效的完全释放将是一个 缓慢的过程，与此同时，若经济陷入衰退，几乎没有任何因素能阻止Circle业务出现全面崩盘。 10月中旬至今，该公司股价已下跌逾40%。短期利率持续走低，尽管截至目前跌幅相对温和。近几周比 特币价格也出现大幅下跌，这可能会抑制市场对稳定币的需求。尽管如此，在股价近期下跌后，其长期 发展逻辑仍具有较强吸引力。但若宏观经济环境持续恶化，Circle股价将缺乏支撑。 市场环境 近期稳定币领域最重要的变化，是更有利的监管环境的出台。尽管其全面影响可能在一段时间内难以完 全显现，但由于Circle始终专注于合规运营，它在把握这一机遇方面处于最有利的位置。 在市场热潮的推动下，第三季度流通中的稳定币总量同比增长59%。本季度Circle的市场份额也升至 29%。据报道，稳定币交易量同比增长约130%，其中USDC（Circle发行的美元稳定币）的交易量占比 提升至40%。尽管这些数据表现积极，但近期市场回调可能会在短期内抑制稳定币需 ...

CANADA - 2025/09/15: In this photo illustration, the Circle Internet Group logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesCircle Internet Group (NYSE:CRCL) stock has experienced a challenging month, decreasing by approximately 40 percent and currently trading around $76. This is a significant adjustment, but it’s important to note that the stock was initially priced at $31 during its remarka ...

ICYMI: @circle's business continues to become more diversified & resilient over time:1) Multiple tokenized products (USDC, EURC, USYC)2) Across multiple chains (Ethereum, Solana, Arbitrum)3) With growth in tx-based business lines (CCTP, CPN, 🔜@arc) https://t.co/288Bps40lo ...

Circle Internet Group (NYSE:CRCL) Q3 2025 Earnings Call November 12, 2025 08:00 AM ET Speaker0Ladies 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 Third Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.Thank you. I would n ...

Core Viewpoint - Investment bank William Blair maintains an outperform rating on Circle (CRCL) shares following the company's strong third-quarter results, which exceeded both the bank's and Wall Street's expectations [1] Group 1: Market Performance - Circle shares experienced a 3.9% decline in pre-market trading, priced around $94.50 [1] - The muted market response is attributed to Circle's premium valuation and a lack of near-term catalysts [2] Group 2: Investment Recommendations - Analysts recommend that investors take advantage of any share price weakness to build positions, as rival proprietary stablecoins are expected to struggle to match USDC's scale and liquidity [2] Group 3: Infrastructure Developments - Circle is making steady progress in its infrastructure initiatives, including the orchestration layer (CPN) and layer-1 blockchain (Arc), which are gaining traction with ecosystem participants and advancing tokenization capabilities [3] - Arc currently has 100 participants and plans for a mainnet debut in 2026, along with exploration of a native token [3] Group 4: Financial Performance - Circle reported a significant increase in transaction volume, with trailing 12-month total payment volume (TPV) rising 101 times to an annualized $3.4 billion, leading to higher fees [4] - The company now anticipates transaction revenue for 2025 to be between $90 million and $100 million, an increase from previous guidance of $75 million to $85 million, which is viewed as crucial for scaling and diversifying revenue [4]

Financial Highlights - Total revenue & reserve income reached $740 million, a 66% year-over-year increase[11] - Adjusted EBITDA was $166 million, up 78% year-over-year[11] - Adjusted EBITDA margin was 57%, a 737 bps increase year-over-year[11] Stablecoin Network Growth - USDC onchain volume reached $96 trillion, a 68x year-over-year increase[11] - Stablecoins in circulation grew 59% year-over-year[16] - USDC onchain transaction volume increased 74x year-over-year[22] - CCTP volume increased 74x year-over-year[22] - Meaningful wallets increased 77% year-over-year[22] Guidance Update for FY 2025 - Other revenue is expected to be between $90 million and $100 million[52] - Revenue less Distribution Costs (RLDC) Margin is expected to be approximately 38%[52] - Adjusted operating expenses are projected to be between $495 million and $510 million[52]

Revenue Diversification - Circle is diversifying its revenue streams from Assets Under Management (AUM) of USDC, EURC, USYC to transaction-based business lines including CCTP, CPN, and Arc [1] Transaction-Based Business Growth - Circle's transaction-based business, specifically the CCTP cross-chain bridge, experienced substantial growth [1] - CCTP cross-chain bridge grew approximately 650% year-over-year (YoY), based on quarterly stablecoin transfer volume [1]

Revenue Diversification - Circle 正在将其收入来源从资产管理规模（USDC, EURC, USYC）多元化到基于交易的业务线（CCTP, CPN, @arc）[1] Transaction-Based Business Growth - 基于季度稳定币转移量，Circle 的基于交易的业务（CCTP 跨链桥）同比增长约 650%[1]

Inside Circle Payments Network (CPN)Join Circle’s Sunil Sharma on Oct 22 for a deep dive into how financial institutions are using CPN to unlock fast, compliant, stablecoin-powered settlement.Global payments shouldn’t take days.✅ What CPN is✅ How it works✅ What’s nextRegister now: https://t.co/Rb6pRLLATK ...

ICYMI: @circle's core product suite consists of a tokenized dollar (USDC), euro (EURC), & UST MMF (USYC).The asset products are complemented by Mint (liquidity), CCTP (bridge), Gateway (unified balances), CPN (payments), Arc (dev platform), & more.Not a one trick pony. 🪄🎠 https://t.co/qmc3AYmwoo ...