Circle’s fourth-quarter revenue skyrockets 77% as USDC offerings approach $75 billion

Circle generated $2.7 billion in revenue for FY25 and achieved 64% growth as USDC adoption increased globally.

Stablecoin issuer Circle reported sharp growth in USDC circulation and transaction activity in the fourth quarter of 2025, while revenue and operating profitability rose sharply year-over-year.

USDC in circulation reached $75.3 billion at year-end, up 72% from a year earlier, while on-chain transaction volume rose 247% to $11.9 trillion in the fourth quarter alone.

Circle revenues increase

The company posted $770 million in total revenue and reserve income for the quarter ended December 31, 2025, an increase of 77% compared to the fourth quarter of 2024. Net income from continuing operations rose to $133 million, up from $129 million year-over-year, while adjusted EBITDA rose 412% to $167 million.

For the full fiscal year 2025, Circle posted revenue and reserve income of $2.7 billion, which is a 64% increase from 2024. However, the company reported a net loss of $70 million for the year, compared to a net profit of $157 million in FY24. The loss was primarily driven by $424 million in stock-based compensation tied to vesting conditions resulting from the company’s initial public offering.

Commenting on the financial results, Circle co-founder and CEO Jeremy Allaire said:

“USDC adoption continued to expand globally as more enterprises, developers, and public institutions integrated digital dollars into real-world payment, treasury, and onchain financial workflows. We saw strong engagement on our platform, meaningful progress toward the launch of Arc Mainnet, continued growth in CPN TPV, and growing momentum for EURC and USYC.”

Beyond financial performance

In terms of infrastructure and payments initiatives, Circle’s Arc public testnet has been launched with more than 100 participants from the banking, capital markets, digital assets, payments and technology sectors.

As of February 20, 2026, the testnet recorded nearly 100% uptime, half-second transaction finality, and a daily average of 2.3 million transactions over 30 days. Meanwhile, total transactions since launch have exceeded 166 million. The company said Arc remains on track for a mainnet launch this year.

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Additionally, Circle’s Payments Network expanded to 55 enrolled financial institutions, 74 of which were assessed for eligibility, and reported $5.7 billion in annualized transaction volume based on the past 30 days of activity. The company also cited partnerships with Visa, Intuit, the government of Bermuda and Polymarket, and confirmed conditional approval from the U.S. Office of the Comptroller of the Monetary Fund to establish a national trust bank.