Circle Internet Group closed out 2025 with a powerful fourth quarter, underscoring accelerating global demand for its stablecoin infrastructure and digital asset products.
USDC in circulation climbed 72% year-over-year to $75.3 billion at the end of 2025, while onchain transaction volume skyrocketed 247% in Q4 alone to $11.9 trillion, according to the report. The surge in activity translated directly into financial gains.
Momentum is building in internet-native finance, and our Q4 and full year 2025 results show it.
→ $75.3B USDC in circulation (as of end of period), +72% YoY
→ $11.9T in USDC onchain transaction volume, +247% YoY
→ $770M total revenue and reserve income, +77% YoYCircle is… pic.twitter.com/QfMtK46mW2
— Circle (@circle) February 25, 2026
Q4 revenue surges as USDC activity explodes
Total revenue and reserve income rose 77% year-over-year to $770 million in Q4. Reserve income accounted for $733 million of that figure, boosted by a 100% increase in average USDC in circulation, though partially offset by a 68 basis point decline in reserve return rates.
Net income from continuing operations reached $133 million, up $129 million from the same period last year. Adjusted EBITDA jumped 412% to $167 million, reflecting strong operating leverage despite higher compensation and administrative expenses tied to its IPO and share contributions.
For the full fiscal year 2025, total revenue and reserve income climbed 64% to $2.7 billion. However, the company reported a net loss of $70 million, largely due to $424 million in IPO-related stock-based compensation. Adjusted EBITDA for the year more than doubled to $582 million.
Arc, Payments network and global partnerships gain momentum
Beyond financials, Circle advanced its product roadmap. Arc’s public testnet launched with over 100 participants across banking, capital markets and fintech, processing more than 166 million transactions with near-perfect uptime. Mainnet remains on track for launch this year.
The Circle Payments Network expanded to 55 enrolled financial institutions, with annualized transaction volume reaching $5.7 billion based on recent activity.
Enterprise adoption also deepened. Visa enabled USDC settlement for U.S. issuers and acquirers, Intuit partnered to integrate USDC across its platform, and the Government of Bermuda unveiled plans for a fully onchain national economy powered by Circle’s infrastructure.
With EURC circulation up 284% year-over-year and continued institutional collaboration, Circle is positioning itself at the center of the evolving digital financial system.
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