Circle Accelerates Revenue Diversification as Non-Interest Income Surges in 2025
US fintech and digital currency firm Circle Internet Group has made notable progress in diversifying its revenue streams, as non-interest income continues to grow rapidly—marking a strategic shift aimed at reducing reliance on reserve yields and building a more sustainable, platform-driven business model.
During the third quarter of 2025, Circle’s “other revenues” climbed to approximately $29 million, up from less than $1 million in the same period last year. The surge was driven by strong growth in subscriptions, services, and transaction fees. While this segment still represents a relatively small portion of total revenues, its rapid expansion highlights the company’s improving ability to monetize its digital infrastructure.
Subscription and services revenue reached around $23.6 million in the quarter, supported by partnerships with blockchain networks and the provision of infrastructure services to platforms. These revenues typically carry higher margins and more recurring characteristics compared with reserve-based income. Transaction revenue totaled about $4.7 million, signaling early commercial traction from expanding payment flows across Circle’s network.
Circle also raised its full-year 2025 guidance for other revenues to a range of $90–$100 million, reflecting increased confidence in the growth trajectory of non-reserve income streams.
This outlook is underpinned by platform initiatives such as the Arc blockchain network and the Circle Payments Network, both designed to generate recurring fees as adoption scales. While reserve income remains the company’s largest revenue contributor, the faster growth of non-interest revenues underscores a gradual but meaningful transition toward a more mature, services-oriented business model.