Circle’s Q4 Revenue Skyrockets 77% as USDC Supply Approaches $75 Billion

Circle generated $2.7 billion in revenue for FY25, posting 64% growth, as USDC adoption expands globally.

Stablecoin developer Circle reported sharp growth in USDC circulation and transaction activity in the fourth quarter of 2025, as revenue and operating profit increased year-on-year.

USDC circulation reached $75.3 billion at the end of the year, a 72% increase from last year, and on-chain transaction volume increased 247% to $11.9 trillion in Q4 alone.

Increase in Circular Income

The company posted $770 million in total revenue and earnings for the quarter ending December 31, 2025, a 77% increase compared to Q4 2024. Net income from continuing operations rose to $133 million, up $129 million year over year, while adjusted EBITDA jumped 412% to at $167 million.

For the full fiscal year 2025, the group recorded revenue and retained earnings of $2.7 billion, a 64% increase from 2024. However, the company reported a net loss of $70 million for the year, compared to a net income of $157 million in FY24. The loss was primarily due to $424 million in stock-based compensation related to conditions arising from the company’s initial public offering.

Commenting on the financial results, Circle’s founder and CEO, Jeremy Allaire, said,

“USDC adoption has continued to grow globally as more businesses, developers, and public institutions integrate digital dollars into real-world payments, treasury, and onchain financial workflows. We’ve seen strong engagement across our platform, meaningful progress in establishing the Arc mainnet, continued growth of CPN TPV, and growing momentum for EURC and USYC.”

Apart from Financial Performance

In terms of its infrastructure and payment systems, Circle’s Arc public testnet has been launched with more than 100 participants across the banking, financial markets, digital assets, payments, and technology sectors.

As of February 20, 2026, the testnet recorded nearly 100% uptime, the end of the second half of transactions, and the following 30-day daily average of 2.3 million transactions. Meanwhile, the number of jobs has exceeded 166 million since launch. The company said Arc is still on track for a mainnet launch this year.

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Additionally, the Circle Payment Network expanded to 55 registered financial institutions, 74 of which are subject to eligibility review, and reported $5.7 billion in annual transaction volume based on 30 consecutive days of activity. The company also cited partnerships with Visa, Intuit, the Government of Bermuda, and Polymarket, and secured conditional approval from the US Office of the Comptroller of the Currency to establish a national trust bank.