🔵 Circle Internet Group

Building the financial infrastructure for the internet economy

💵
USDC
The Digital Dollar
$2.64B Revenue
$75.3B in circulation
96%
of total revenue
🌐
Circle Payments Network
Cross-Border Infrastructure
Part of $110M "Other Revenue"
Growing fast — early stage
⚡ Real-time cross-border settlement
🏦 Financial institutions as nodes
⛓️
Arc
Circle's Own Blockchain
Pre-revenue
Mainnet 2026
🧪 100+ testnet participants
📊 166M+ test transactions

FY2025 Revenue Breakdown: $2.75B Total

$2.64B Reserve Income
$110M Other Revenue
The question: can they grow the green bar before rates drop?

🔧 Products Deep Dive

💵 USDC - The Digital Dollar

You send $1 Circle buys $1 of Treasuries (earning ~4.5%) & mints 1 USDC You get 1 USDC Send anywhere instantly Redeem anytime for $1 Always redeemable 1:1
$75.3B
Circulation
+72%
YoY Growth
96%
of Revenue

Sub-products

€310M
EURC (+284% YoY)
$1.5B
USYC (yield-bearing)

🌐 Circle Payments Network

CPN (New Way) Example: A US company needs to pay a supplier in Brazil $50,000 🏢 US Company sends $50K Sender's Bank Converts USD → USDC ~$0 (minting is free) CPN Routes payment Compliance + FX Gas: ~$0.01 Receiver's Bank Converts USDC → reais FX spread (~0.1-0.5%) 🏭 Supplier receives R$ (reais) USD USDC USDC BRL Total: seconds to settle · ~$25-250 in FX spread · $0.01 gas · 24/7/365 SWIFT (Old Way) US Bank Correspondent 1 Correspondent 2 Correspondent 3 BR Bank 2-5 days | $25-50 | Business hours

⛓️ Arc - Circle's Blockchain

Problems with Ethereum/Solana

Gas fees in volatile ETH/SOL
Every transaction public
No built-in FX
Variable finality

Arc Solves

Gas fees in USDC (stable)
Opt-in privacy
Built-in FX engine
Sub-second deterministic finality
100+
Testnet Participants
166M+
Test Transactions
0.5s
Finality
2026
Mainnet Launch

⚡ Before vs After

Visa Settlement: Traditional vs USDC

Old Way: Fedwire Settlement

Card swipe
→
VisaNet (auth + clearing)
→
Instructs JPMorgan
→
Fedwire transfer
⏰ 1-2 days
🕒 Business hours only
→
Acquirer
→
Merchant

New Way: USDC Settlement

Card swipe
→
VisaNet (auth + clearing)
→
Visa Circle Account
→
USDC on Solana
⚡ Seconds
🌐 24/7
→
Acquirer
→
Merchant

Key Insight

Only the settlement asset changed. VisaNet still does auth + clearing. Consumer experience identical.

Stripe: Credit Cards vs USDC

Credit Card Checkout

Consumer
→
Card (2.9% fee)
→
Card network
→
Settlement (1-2 days)
→
Merchant

USDC Checkout

Consumer
→
USDC at checkout (1.5% fee)
→
Bridge converts
→
Merchant (instant)

Tradeoffs

Lower fees (1.5% vs 2.9%) and instant settlement, but no chargebacks and requires crypto wallet.

Remittances: Western Union vs Stablecoins

Traditional Remittance

Worker
→
Western Union (5-10% fee)
→
Days transfer
→
WU office abroad
→
Family (cash pickup)

Stablecoin Remittance

Worker
→
Buy USDC
→
Blockchain (instant, $0.01)
→
Local exchange (Coins.ph/Bitso)
→
Family

Dollar Access in Argentina

Capital Controls

Capital controls
→
$200/month limit
→
Artificial rate
→
Can't save

USDC Access

Buy USDC on Bitso/Lemon Cash
→
Hold digital dollars
→
Sell at market rate when needed

Market Reality

60% of Argentine crypto transactions are stablecoins - digital dollars as inflation hedge.