Circle’s Q4 Revenue Skyrockets 77% as USDC Supply Nears $75 Billion
Stablecoin issuer Circle reported sharp development in USDC circulation and transaction exercise within the fourth quarter of 2025, as income and working profitability surged year-over-year.
USDC in circulation reached $75.3 billion at year-end, which is a 72% rise from a 12 months earlier, whereas on-chain transaction quantity climbed 247% to $11.9 trillion in Q4 alone.
Circle Revenue Climbs
The firm posted $770 million in whole income and reserve revenue for the quarter ending December 31, 2025, a 77% enhance in comparison with Q4 2024. Net revenue from persevering with operations rose to $133 million, up $129 million year-over-year, whereas adjusted EBITDA jumped 412% to $167 million.
For the complete fiscal 12 months 2025, Circle recorded income and reserve revenue of $2.7 billion, which is a surge of 64% from 2024. However, the corporate reported a web lack of $70 million for the 12 months, in comparison with web revenue of $157 million in FY24. The loss was primarily pushed by $424 million in stock-based compensation tied to vesting circumstances triggered by the corporate’s preliminary public providing.
Commenting on the monetary outcomes, Circle co-founder and CEO, Jeremy Allaire, stated,
“USDC adoption continued to develop globally as extra enterprises, builders, and public establishments built-in digital {dollars} into real-world funds, treasury, and onchain monetary workflows. We noticed robust engagement throughout our platform, significant progress towards launching Arc mainnet, continued development in CPN TPV, and rising momentum for EURC and USYC.”
Beyond Financial Performance
Regarding its infrastructure and funds initiatives, Circle’s Arc public testnet launched with greater than 100 members throughout the banking, capital markets, digital property, funds, and know-how sectors.
As of February 20, 2026, the testnet recorded practically 100% uptime, half-second transaction finality, and a trailing 30-day every day common of two.3 million transactions. Meanwhile, whole transactions have surpassed 166 million since launch. The firm stated Arc stays on monitor for a mainnet launch this 12 months.
Additionally, Circle’s Payments Network expanded to 55 enrolled monetary establishments, with 74 below eligibility overview, and reported $5.7 billion in annualized transaction quantity primarily based on trailing 30-day exercise. The firm additionally cited partnerships with Visa, Intuit, the Government of Bermuda, and Polymarket, and confirmed conditional approval from the US Office of the Comptroller of the Currency to determine a nationwide belief financial institution.
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