Circle reports robust Q4 revenue growth as USDC circulation surges

• Circle reported $770M Q4 revenue, up 77% year-over-year, beating analyst estimates of $745M.
• USDC circulation surged 72% to $75.3B, with on-chain volume increasing 247% to $11.9T.
• CRCL surged 29% on the day following the announcement.

Circle (CRCL), issuer of the USDC stablecoin, announced its fourth-quarter and full-year 2025 financial results on Wednesday, showcasing strong momentum in the stablecoin sector amid broader crypto adoption.

Circle records positive Q4 and full-year growth

The company reported total revenue and reserve income of $770 million for the fourth quarter of 2025, marking a significant 77% increase from $435 million in the same period a year earlier. The figure exceeded analysts' expectations, which had pegged estimates around $745 million.

"The fourth quarter marked another step forward in Circle's mission to build the infrastructure for an open, programmable internet financial system," said Jeremy Allaire, co-founder and CEO at Circle.

Circle's growth was primarily driven by higher USDC circulation and associated reserve income, though partially offset by a lower reserve return rate.

USDC ended the quarter with $75.3 billion in circulation, reflecting a 72% year-over-year increase and surpassing the company's earlier guidance for a 40% compound annual growth rate. On-chain transaction volume for USDC rose to $11.9 trillion in Q4, a 247% rise from the prior year, underscoring expanding utility in payments, trading, and decentralized finance applications.

"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. We saw strong engagement across our platform, meaningful progress toward launching Arc mainnet, continued growth in CPN TPV, and growing momentum for EURC and USYC," Allaire continued.

For the full fiscal year, total revenue and reserve income climbed 64% to $2.7 billion. However, the company posted a net loss from continuing operations of $70 million, largely due to $424 million in non-cash stock-based compensation expenses tied to vesting conditions met upon its successful initial public offering (IPO) in 2025.

The company also provided forward-looking guidance for fiscal 2026, including other revenue of $150 million to $170 million and adjusted operating expenses in the $570 million to $585 million range.