Circle CEO Says Circle Is Building Full-Stack Internet Platform Amid Strong Q3 Earnings Report

Jeremy Allaire, the CEO of stablecoin issuer Circle, has revealed the company’s bold ambition to develop a full-stack internet platform business. 

Allaire shared this ambition while discussing the company’s outstanding Q3 earnings results released today. According to the report, Circle’s total revenue and reserve income reached $740 million, representing a 66% increase year-over-year (YoY). Its net income also surged 202% to $214 million within the same period. 

At the end of Q3 2025, the value of USDC in circulation was approximately $73.7 billion, representing a 108% increase over the previous year. Currently, the valuation has soared to $76.02 billion, according to data from CoinMarketCap. 

The Circle CEO attributed this growth to the company’s network effect advantage, particularly the utility and liquidity effects. He pointed out that global financial institutions, including Standard Chartered, Deutsche Börse, Visa, and Itaú, are building with Circle, propelling the company ahead of smaller entrants. 

Circle Building Full-Stack Internet Platform Business 

Amid its impressive third-quarter performance, Allaire revealed that the company is developing what he calls a “full-stack internet platform business,” a comprehensive system designed to power digital money and finance on the internet. 

The initiative envisions a multi-layered ecosystem that seamlessly integrates blockchain infrastructure, stablecoin technology, and application-level services.

In his view, the vision aims to transform the business and serve the financial needs of mainstream companies. He acknowledged that over 100 companies are already getting involved with the initiative. 

We’re building a full-stack internet platform business @circle

Great chat with @andrewrsorkin on @SquawkCNBC this morning.https://t.co/HSrWtBK2sp

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) November 12, 2025

Banks As Partners, Not Rivals 

In the meantime, banks have shown strong interest in stablecoins, with some financial institutions, including JPMorgan and Bank of America, collaborating on a joint stablecoin initiative in recent times. 

When asked about potential competition from traditional banks, Allaire dismissed the idea that they pose a threat to Circle’s growth. Instead, he described banks as one of the company’s biggest opportunities. He suggests that many could become partners, leveraging Circle’s infrastructure to modernize their systems. 

Allaire also noted that Circle is already working with major financial institutions, including Goldman Sachs, HSBC, Deutsche Bank, Commerzbank, BNY Mellon, and State Street, to develop blockchain-based financial infrastructure. 

Stablecoins Now Reshaping Money Online 

Meanwhile, he addresses recent comments from Ark Invest’s CEO Cathie Wood, who suggested that stablecoins are overshadowing Bitcoin as a transactional currency. Allaire agreed with this narrative, noting that stablecoins are reshaping how money works on the internet. 

According to him, of the approximately $120 trillion global money supply, around $60 trillion exists as cash or non-interest-bearing deposits. He considers this to be a significant market opportunity for programmable digital dollars, such as stablecoins. 

Allaire referred to stablecoins as safer and more desirable money to borrow, projecting that credit markets will form around borrowing and lending in stablecoin-denominated assets.