🔵 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
🔗
CCTP
Cross-Chain Transfer Protocol
Infrastructure (no direct rev)
Native USDC across blockchains
🔥 Burn on source chain
🪙 Mint natively on destination
⛓️
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

🔧 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

🔗 CCTP - Cross-Chain Transfer Protocol

USDC lives on many blockchains — Ethereum, Solana, Arbitrum, Base, Avalanche, etc. But moving it between them used to require bridges — third-party services that lock your USDC on one chain and mint a "wrapped" version on another. Bridges are risky (hacks have lost billions) and create fragmented, non-native tokens. CCTP eliminates this entirely.

CCTP (Native Transfer) You have USDC on Ethereum 🔥 Burn USDC destroyed on Ethereum 📨 Attestation Circle confirms the burn happened 🪙 Mint Fresh native USDC on Arbitrum You have USDC on Arbitrum ✅ Result: real, native USDC on both sides · No wrapped tokens · No bridge risk · Permissionless Traditional Bridge (Old Way) Your USDC on Ethereum 🔒 Locked in bridge smart contract risk 🎭 "Wrapped USDC" minted not real USDC — an IOU Fragmented liquidity different token, less useful Bridge hacks have lost $2B+ · Wrapped tokens fragment liquidity · Adds counterparty risk
9+
Chains Supported
V2
Latest Version
1:1
Always Native
$0
Circle Fee

Why Circle gives this away for free

CCTP doesn't generate direct revenue — but it increases USDC's utility and stickiness. The easier it is to move USDC between chains, the more people hold USDC instead of competitors (like USDT or DAI). More USDC in circulation = more reserves = more interest income. It's a flywheel: free infrastructure that feeds the core business.

⛓️ 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.