Circle Q4 Revenue Jumps 77% as USDC Circulation Hits $75 Billion

Arc Nears Launch as Circle Reports $770 Million Q4 Revenue

Circle Internet Group (NYSE: CRCL) delivered robust fourth-quarter results, underscoring the accelerating adoption of its USDC stablecoin and broader digital asset infrastructure.

USDC in circulation reached $75.3 billion at year-end, up 72% year-over-year. On-chain transaction volume surged 247% in Q4 to $11.9 trillion. For the quarter, total revenue and reserve income climbed 77% to $770 million, while net income from continuing operations rose to $133 million, a $129 million increase from the prior year period.

For the full fiscal year 2025, revenue and reserve income grew 64% to $2.7 billion. However, Circle posted a net loss of $70 million, largely driven by $424 million in stock-based compensation tied to IPO-related vesting conditions.

Beyond USDC, Circle reported strong momentum across products. EURC circulation rose 284% year-over-year to €310 million, while USYC assets ended the year at $1.5 billion. The company’s Arc public testnet surpassed 166 million total transactions with near 100% uptime, remaining on track for mainnet launch later this year.

Circle Payments Network continues to expand, with 55 financial institutions enrolled and annualized transaction volume reaching $5.7 billion.

Enterprise partnerships deepened in 2025. Visa now enables U.S. issuers and acquirers to settle in USDC, while Intuit signed a multi-year integration agreement. Circle also partnered with Polymarket and received conditional approval from the OCC to establish a national trust bank.

CEO Jeremy Allaire described the quarter as progress toward building an open, programmable financial system. With stablecoin market share at 28% and 6.8 million meaningful wallets, Circle appears increasingly central to the digital dollar economy.

FAQ 💵

• How much USDC is currently in circulation?
  USDC circulation reached $75.3 billion at the end of 2025, marking 72% year-over-year growth.
• What were Circle’s Q4 2025 financial results?
  Circle reported $770 million in total revenue and reserve income, and $133 million in net income from continuing operations.
• What is Arc, and when will it launch?
  Arc is Circle’s blockchain infrastructure platform; its public testnet has processed over 166 million transactions and remains on track for mainnet launch this year.
• How is Circle expanding enterprise adoption of USDC?
  Partnerships with Visa, Intuit, and Polymarket, along with conditional approval for a national trust charter, are strengthening USDC’s role in global payments and financial infrastructure.