Share this article
Circle’s USDC Keeps Climbing; William Blair Reiterates Outperform After 3Q Results
The bank said USDC remains the frontrunner to dominate digital dollars as the company's third-quarter results topped forecasts.
Nov 12, 2025, 1:18 p.m.
What to know:
- Circle’s 3Q results beat expectations on all major metrics, William Blair said.
- USDC remains the frontrunner to become the stablecoin standard.
- The bank advised buying Circle shares on weakness amid limited near-term catalysts.
Investment bank William Blair reiterated its outperform rating on Circle (CRCL) shares after the stablecoin issuer's third-quarter results topped both the bank's and Wall Street estimates.
The share were 3.9% lower in pre-market trading Wednesday, around $94.50.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Analyst Andrew Jeffrey continues to see USDC as the likely stablecoin standard, putting Circle at the center of the programmable money revolution.
While the muted market response reflects Circle’s premium valuation and limited near-term catalysts, the analyst recommends that investors use any weakness in the shares to build positions, arguing that rival proprietary stablecoins will struggle to match USDC’s scale and liquidity.
Jeffrey highlighted steady progress in Circle’s infrastructure initiatives, including its orchestration layer, CPN, and its layer-1 blockchain, Arc, both of which gained traction as the company added ecosystem participants and advanced tokenization capabilities.
Arc now counts 100 participants, with plans for a mainnet debut in 2026 and exploration of a native token, the report noted.
Transaction volume rose sharply, with trailing 12-month total payment volume (TPV) up 101x to an annualized $3.4 billion, fueling higher fees.
Circle now expects 2025 transaction revenue of $90 million–$100 million, above prior guidance of $75 million–$85 million, growth that William Blair sees as key to scaling and diversifying revenue.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Anthony Pompliano's Bitcoin Treasury Firm ProCap BTC Closes SPAC Merger Deal
Shares in the company fell more than 50% this week as the merger approval went forward.
What to know:
- Anthony Pompliano-led ProCap BTC closed its SPAC merger on Friday.
- This year's crop of quickly-formed bitcoin treasury companies have plunged in value, and BRR fell more than 50% this week as its merger went forward.
- Pompliano attempted to address investor concerns over management and board compensation.
Top Stories
