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Circle Internet Group Inc. early Wednesday offered indications that digital money—specifically, stablecoins—is now moving steadily into mainstream finance. With partner companies, “we’re building the financial and economic infrastructure for the Internet, and upgrading the system for a world where people, businesses, and AI agents all transact onchain,” noted cofounder and chief executive Jeremy Allaire, in a statement.
The New York City-based company is also looking for expansion from acquisitions. In September is agreed to acquire Tazapay for undisclosed terms. The Singapore-based company processes more than $25 billion in payment volume annually, of which approximately 60% includes stablecoins. The deal, which Circle says will expand its operations in the Asia-Pacific region, is expected to close early next year.
Circle is also counting on Visa Inc.’s move to allow Visa Direct, its faster-payments service, to offer stablecoin prefunding on a commercial basis following a pilot of the service. Last month, Visa signed up Cambridge, Mass.-based Inyo Global, whose technology brings cards, cross-border transfers, and stablecoin capability into a single application programming interface. That move will allow Circle clients to fund payouts across borders with USDC, Circle’s stablecoin, in near real time, Allaire said.
And the company is looking to Binance, a major cryptocurrency exchange, to help support its expansion. In September, the exchange made a $100-million equity investment in Circle as part of an expected five-year strategic partnership to widen usage of USDC, especially in emerging markets.
Circle reported its revenue and reserve income for the September quarter grew 17% year-over-year, reaching $865 million as stablecoins continue to penetrate mainstream payments. The latest results came as circulation for Circle’s stablecoin, USDC, averaged $73.3 billion, up 8% from the same period a year ago.
Net income from continuing operations was up 5%, to $226 million, on the strength of rising operating income, the company said. What the company considers “meaningful wallets,” digital wallets for USDC, reached 7.3 million in the quarter, up 16%.
