$Circle(CRCL.US)

Non-interest income surged, increasing from less than $1 million in the same period last year to $29 million in the third quarter of 2025, with subscription and service revenue accounting for the majority. The company raised its full-year non-interest income guidance to $90-100 million, reflecting management's confidence in platform fees and transaction revenue models. This move helps reduce reliance on reserve interest income and enhances business model stability, but still faces competition from payment giants and challenges in sustainable profitability.

Keep an eye on the Senate's two rounds of deliberations on the high-risk cryptocurrency market regulation bill next Thursday (January 15). If passed, it could lay the groundwork for a real crypto regulatory framework in the coming months, which would be significant for the crypto market, institutional investors, and the industry ecosystem.