Beyond Stablecoins: The Rise of the Internet Financial System Yesterday, @circle published a new report on how stablecoins are evolving from niche instruments into core financial infrastructure for the internet economy. A few of my favourite data points 👇 Stablecoins (overall) • Stablecoins in circulation grew +59% YoY (Q3’24 → Q3’25) • Stablecoins’ share of M2 money supply increased 2.3× • Stablecoin transaction volume reached ~$2.9T per quarter by Q3’25 USDC • ~$10T in onchain transaction volume in Q3 2025 alone • 3× YoY growth in USDC’s share of spot trading volume (as of Sept 30, 2025) • ~40% share of total stablecoin transaction volume • >$50T in cumulative lifetime onchain settlement • USDC circulation reached $75.3B (Nov 2025) • Onchain USDC transaction volume grew +680% YoY EURC • EURC supply grew >8× since MiCA entered into application (June 2024) • Leading euro stablecoin by circulation with a market cap of + €300M • ~50% market share of euro-denominated stablecoins Big picture: 2025 marked a shift for Circle—from stablecoin issuance to full-stack internet-native financial infrastructure. Highly recommend reading the full report → link in comments(Patrick Hansen)