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

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

USDC in circulation reached $75.3 billion at year-end, which is a 72% rise from a year earlier, while on-chain transaction volume climbed 247% to $11.9 trillion in Q4 alone.

Circle Revenue Climbs

The company posted $770 million in total revenue and reserve income 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 $167 million.

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

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

Beyond Financial Performance

Regarding its infrastructure and payments initiatives, Circle’s Arc public testnet launched with more than 100 participants across 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 trailing 30-day daily average of 2.3 million transactions. Meanwhile, total transactions have surpassed 166 million since launch. The company said Arc remains on track for a mainnet launch this year.

Additionally, Circle’s Payments Network expanded to 55 enrolled financial institutions, with 74 under eligibility review, and reported $5.7 billion in annualized transaction volume based on trailing 30-day activity. The company also cited partnerships with Visa, Intuit, the Government of Bermuda, and Polymarket, and confirmed conditional approval from the US Office of the Comptroller of the Currency to establish a national trust bank.

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