Circle reports $770 million Q4 revenue as USDC circulation reaches $75 billion, targets 40% CAGR for stablecoin

Circle Internet Group (CRCL) posted $770 million in total revenue and reserve income for the fourth quarter of 2025, a 77% increase from the same period a year earlier, according to its Wednesday earnings report.

The New York-based stablecoin issuer ended the year with $75.3 billion in USDC circulation, up 72% from the end of 2024.

The revenue growth was driven primarily by reserve income, which reached $733 million in the quarter. Average USDC in circulation doubled year-over-year to $76.2 billion, though the reserve return rate declined 68 basis points to 3.8%, per the report.

Notably, the USDC issuer reported net income from continuing operations of $133 million for Q4, compared with $4 million in the prior-year period. Adjusted EBITDA for the quarter hit $167 million, a 412% increase from Q4 2024.

“The fourth quarter marked another step forward in Circle’s mission to build the infrastructure for an open, programmable internet financial system,” Circle CEO Jeremy Allaire said in the report. “USDC adoption continued to expand globally as more enterprises, developers, and public institutions integrated digital dollars into real-world payments, treasury, and onchain financial workflows.”

For the full fiscal year 2025, Circle recorded a net loss from continuing operations of $70 million, compared with net income of $157 million in 2024. The loss was significantly impacted by $424 million in stock-based compensation tied to vesting conditions triggered by its initial public offering.

Meanwhile, the company also issued multi-year guidance targeting a 40% compound annual growth rate for USDC in circulation. If sustained, that growth rate could significantly expand USDC’s share of the stablecoin market, currently led by Tether with roughly $183 billion in circulation, according to The Block’s data dashboard.

Product expansion and digital asset growth

Beyond core financials and USDC expansion, Circle reported growth across its digital asset offerings. EURC in circulation reached €310 million at year-end, a 284% increase from the prior year and 44% higher than the third quarter. USYC assets totaled $1.5 billion at the end of 2025, down 6% year-over-year but up 111% from the third quarter following the product’s relaunch in early Q3.

The company also provided updates on its Arc public testnet, which currently includes over 100 participants from the banking, capital markets, and technology sectors. According to the report, the testnet has processed more than 166 million total transactions with near 100% uptime and half-second finality. Daily average transaction volumes reached 2.3 million as of Feb. 20, 2026, with a mainnet launch scheduled for later this year.

At the same time, the Circle Payments Network had 55 financial institutions enrolled and 74 undergoing eligibility reviews as of Feb. 20, the USDC issuer said, adding that annualized transaction volume based on trailing 30-day activity reached $5.7 billion on that date.

Circle further highlighted its “continued momentum” through partnerships with Visa for continuous settlement and Intuit for platform-wide infrastructure integration. In December 2025, the company, alongside Ripple and BitGo, received conditional approval from the Office of the Comptroller of the Currency to establish a national trust bank, a move intended to solidify the regulatory standing of the USDC infrastructure.

Circle shares jumped nearly 20% in pre-market trading following the earnings release, reaching $72.59 after closing at $61.37 on Tuesday, according to The Block’s CRCL price page.