#CircleQ4EarningsSurge22.4%

Circle Internet Group closed out 2025 with a remarkable fourth quarter, driven by surging adoption of its USDC stablecoin and significant platform expansion. The company's financial results significantly exceeded expectations, sending its stock price sharply higher .

For the quarter ended December 31, 2025, Circle reported total revenue and reserve income of $770 million, a 77% increase from the same period in 2024 . Net income from continuing operations reached $133 million, a dramatic improvement from just $4 million in Q4 2024 . Adjusted EBITDA soared 412% year-over-year to $167 million, with an impressive 54% margin .

The company's earnings per share of $0.43 beat analyst estimates of $0.35 by nearly 23% . Following the earnings release, Circle's stock surged more than 20% in trading, though shares remain below their 52-week high amid broader crypto market volatility .

USDC Growth and Market Position

USDC circulation reached $75.3 billion at year-end, representing 72% year-over-year growth . This significantly exceeded the company's own 40% growth guidance . On-chain USDC transaction volume hit an astounding $11.9 trillion in Q4, up 247% from the prior year, demonstrating that USDC is increasingly used for real economic activity rather than just trading .

Circle's share of stablecoin transaction volumes surged to nearly 50% in Q4, up from 39% in Q3, based on Visa's analysis that filters out non-economic activity . The company now holds approximately 28% of total stablecoin market circulation .

Platform Expansion and New Products

Circle is rapidly evolving beyond its core stablecoin business into a comprehensive financial infrastructure platform . The Arc blockchain testnet launched in October 2025 with over 100 institutional participants, processing 166 million transactions with near 100% uptime and half-second finality. Mainnet launch is scheduled for later this year .

The Circle Payments Network now has 55 financial institutions enrolled, with another 74 under review, and annualized transaction volume reached $5.7 billion . The company also launched StableFX in beta, a new on-chain foreign exchange application, and expanded USDC support to over 30 blockchain networks .

EURC, Circle's euro-denominated stablecoin, saw circulation grow 284% year-over-year to €310 million . USYC, the company's tokenized Treasury product, ended the year at $1.5 billion in assets .

Strategic Partnerships and Regulatory Milestones

Circle deepened enterprise adoption through key partnerships. Visa now enables U.S. issuers and acquirers to settle transactions using USDC outside normal banking hours . Intuit signed a multi-year integration agreement to bring Circle's programmable money technology to millions of consumers and businesses . Polymarket formalized its partnership with Circle, using USDC as the core collateral and settlement asset for its prediction markets .

In December 2025, Circle received conditional approval from the Office of the Comptroller of the Currency to establish a national trust bank, strengthening its regulatory standing . The GENIUS Act, signed into law in 2025, has provided a clearer federal framework for stablecoins in the United States, benefiting Circle's regulated approach .

Full Year Results and Future Outlook

For the full fiscal year 2025, Circle reported total revenue of $2.7 billion, up 64% year-over-year . The company posted a net loss of $70 million for the year, primarily due to $424 million in stock-based compensation related to IPO vesting conditions . Excluding this impact, operating profit was $157 million .

Looking ahead, Circle issued guidance targeting 40% compound annual growth for USDC circulation, with other revenue expected to reach $150-170 million in FY 2026 . CEO Jeremy Allaire emphasized the company's vision for an internet-native financial system, noting that "tens or hundreds of billions of AI agents will interact and perform economic functions over the internet," with stablecoins serving as the native money layer for this transformation