Circle’s shares fell in pre-market trading today after the stablecoin issuer reported slower USDC growth and rising costs in its third-quarter results, overshadowing a recent marketing push that includes Haitian singer and rapper Wyclef Jean’s role as Global Culture Advisor.
Circle Slides on Softer Q3, Leaving Wyclef’s Cultural Pivot to Do the Heavy Lifting
13 November 2025 - 16:05 CET
By Stu Clelland
Slower USDC expansion, higher costs weigh on sentiment
Circle posted revenue of $273.3mn for the third quarter, up from $222.7mn a year earlier, according to the company's earnings release. USDC in circulation rose to $51.1bn during the period, but at a slower pace than in the second quarter. Circle said stablecoin activity had “normalized” after strong flows earlier this year and noted that regional market variability continued to affect demand.
Expenses increased as the company expanded compliance, licensing, fiat settlement infrastructure, and cross-chain functionality for USDC. Despite the higher revenue, investors appear to have focused on the softer growth profile and cost base, causing Circle’s shares to fall from $93.80 to around $86 in pre-market trading today. The stock briefly touched $95.50 after the earnings announcement before reversing.
Net income reached $96.5mn, up from $54.3mn in the same quarter of last year, driven in part by interest income on reserve assets.
Wyclef’s cultural strategy takes centre stage
The quieter financial quarter places more weight on Circle’s broader consumer outreach strategy, including Wyclef Jean’s appointment as Global Culture Advisor on 28 Oct.
The company said the partnership forms part of an effort to connect USDC with mainstream creative communities, entertainment channels and global culture initiatives. Jean’s appointment is designed to position USDC as a familiar settlement asset for consumer applications, rather than a tool used primarily in crypto trading.
Circle said it expected stablecoin demand, new payments integrations, and cross-chain infrastructure improvements to support momentum heading into the fourth quarter.
