Circle’s Q3 Performance and USDC Growth Signal Strong Momentum for Coinbase and Stablecoin Market
Circle's impressive third-quarter financial results have surpassed Wall Street expectations, highlighting the growing adoption of stablecoins like USDC. With reserve income skyrocketing to $711 million—a 60% year-over-year increase—the company's performance underscores the resilience and demand for digital assets in volatile markets. The 97% surge in USDC circulation further solidifies its position as a leading stablecoin, while other revenue streams, including subscription services and transaction activity, climbed to $29 million. Despite a 70% rise in operating expenses to $211 million, Circle's robust growth hints at a promising future for the stablecoin ecosystem and platforms like Coinbase that support such assets. The teaser of a native token launch adds another layer of excitement for investors and crypto enthusiasts alike.
Circle Reports Q3 Reserve Income Surge and Teases Native Token Launch
Circle's third-quarter financial performance outpaced Wall Street expectations, with reserve income soaring to $711 million—a 60% year-over-year increase. The growth was driven by a 97% surge in USDC circulation, underscoring stablecoin adoption amid volatile markets.
Other revenue streams climbed to $29 million, fueled by subscription services and transaction activity. Operating expenses ROSE 70% to $211 million, reflecting higher compensation costs and stock-based payouts. Net income skyrocketed 202% to $214 million, bolstered by a $61 million tax benefit.
The company hinted at an upcoming native token launch, signaling ambitions to expand beyond its stablecoin dominance. This development could reshape competitive dynamics in the crypto infrastructure sector.
JPMorgan Launches JPM Coin on Coinbase's Base Network for Institutional Payments
JPMorgan has officially rolled out its JPM Coin for institutional clients on Coinbase's Base LAYER 2 network, marking a significant step in blockchain-based payments. The token, representing U.S. dollar deposits at the bank, enables near-instant transactions and operates around the clock, bypassing traditional banking hours.
The launch follows successful pilots with major financial players including Mastercard, Coinbase, and B2C2. As part of JPMorgan's broader distributed ledger technology (DLT) strategy, the project aims to streamline corporate settlements while maintaining regulatory compliance. Naveen Mallela of JPMorgan's blockchain division Kinexys confirmed plans to expand the offering to include euro-based versions and connect to additional digital ledgers.
Unlike conventional stablecoins, JPM Coin is fully backed by bank deposits, offering institutional clients both speed and security. This MOVE signals growing mainstream acceptance of blockchain technology in traditional finance, with JPMorgan positioning itself at the forefront of this transformation.
JPMorgan Adopts Base Network for Real-World Dollar Settlements, Best Wallet Token Presale Hits $17M
JPMorgan has become the first major bank to process real transactions on a public blockchain, leveraging Coinbase's Base network for its JPM Coin deposit token. The move enables institutional clients to transfer dollars near-instantly, 24/7, bypassing traditional banking hours. This shift from private ledgers to public ethereum infrastructure signals growing institutional confidence in on-chain settlements.
The integration brings liquidity, compliance frameworks, and enterprise workflows into the crypto ecosystem. Early pilots with Mastercard, Coinbase, and B2C2 have concluded successfully, with multi-chain expansion plans underway. This development underscores the increasing convergence of traditional finance and decentralized infrastructure.
Best Wallet, positioned to capitalize on this trend, has raised $17 million in its token presale at $0.025935 per token. The wallet emphasizes utility features like reduced fees, presale access, DEX aggregation, and multi-chain support, aligning with the emerging on-chain payments landscape. Staking rewards of up to 77% aim to incentivize long-term user engagement.
