Key Highlights:
- Circle’s 2025 revenue reached $2.7B, up 64% year over year, and USDC supply hit $75.3B with strong growth in onchain transactions.
- Circle’s shares went up by 14% following the earnings announcement.
- Even with impressive revenue, net loss linked to IPO costs were recorded.
Leading stablecoin firm, Circle, has released its Q4 and fiscal year 2025 report which showed an impressive revenue growth owing to an increased use of its USDC stablecoin and payment infrastructure.
The company said total revenue and reserve income reached $770 million in the Q4, which is a 77% rise compared to the Q4 of 2024. For the full year, total revenue climbed to $2.7 billion, up 64 percent year over year. The growth shows increased circulation of USDC and higher activity across on-chain payments and settlement services.
USDC supply stood at $75.3 billion at the end of 2025. That figure represents a 72% increase from the previous year. Moreover, USDC on-chain transaction volume reached $11.9 trillion in the fourth quarter alone (a 247% jump year over year).
Circle ($CRCL) Surges Post Earnings Release
Circle’s shares reacted well to the earnings announcement. The share price advanced more than 14% in pre market trading after the announcement.
Circle Q4 Earnings: A Deeper Insight
Even with the revenue earnings, Circle saw a net loss of $70 million for the full year. The company said the loss was mostly due to $424 million in stock based compensation linked to its IPO. Note that, in 2024, the firm had posted a net profit of $157 million from continuing operations. Adjusted EBITDA, however, rose sharply to $582 million for the year, a 104 percent increase from the prior year.
Fourth quarter profitability improved significantly. Net income from continuing operations reached $133 million in Q4, up $129 million from the same quarter in 2024. Adjusted EBITDA for the quarter came in at $167 million, showing the operating leverage created by higher USDC circulation and platform activity.
Beyond financial results, Circle highlighted progress across its product ecosystem. Its Arc platform, which supports programmable payments and tokenized financial flows, launched a public testnet with more than 100 participants from banking, capital markets, and technology sectors. The network has maintained near full uptime and has processed over 166 million transactions since launch, with daily volumes averaging more than 2 million transactions.
The company’s Circle Payments Network also expanded during the year. Fifty five financial institutions have joined the network, while dozens more are undergoing onboarding checks. Transaction activity has continued to grow, with annualized volume estimated at $5.7 billion based on recent usage trends.
Circle’s euro stablecoin, EURC, also recorded strong growth. Supply reached €310 million by year end, increasing 284 percent from the previous year. Another product, USYC, closed the year with $1.5 billion in assets after relaunching earlier in 2025 and posting strong quarterly growth.
Partnerships with traditional finance firms and fintech companies continued to build momentum. Visa enabled settlement using USDC for US issuers and acquirers, allowing transactions to settle outside traditional banking hours. Intuit entered a multi year agreement to integrate USDC across its platforms. Circle also partnered with Polymarket to use USDC as a primary collateral and settlement asset. In addition, the Government of Bermuda announced plans to explore a fully on-chain national economy supported by Circle’s infrastructure.
Regulatory progress was another highlight. In December, Circle received conditional approval from the Office of the Comptroller of the Currency to establish a national trust bank. The approval will further strengthen the regulatory framework around USDC and support institutional adoption in the US.
Chief executive Jeremy Allaire said the results show continued progress in building a global financial system based on internet native money. He noted, “Circle’s Q4 showed this isn’t just a vision anymore — it’s happening. USDC expansion continued, our share of stablecoin transaction volume approached 50%, and our broader platform expanded well beyond issuance into the infrastructure layer of onchain finance. Arc. CCTP. Circle Payments Network. StableFX. Each one a building block for what comes next.”
Also Read: Circle Partners with Polymarket to Build USDC Infra for Users
