Circle’s USDC Surpasses $75B: A Triumph of Modern Finance?

by

The venerable Circle, purveyor of the esteemed USDC stablecoin, has unveiled its fourth-quarter and full-year 2025 financials, which are as thrilling as a well-timed cricket match. The USDC circulation, that paragon of fiscal stability, ended the year at $75.3 billion, a 72% leap from the prior period-proof that even in the realm of digital currency, growth is as inevitable as the arrival of spring.

In a display of financial prowess, the company disclosed to its investors that the on-chain transaction volume of USDC in the fourth quarter alone surged to an astronomical $11.9 trillion. A figure that would make even the most stoic of accountants gasp, it is more than triple the level from a year earlier, up 247%. One might say that stablecoins have now become as indispensable as a well-stocked pantry in a world where cross-border transfers and DeFi are the talk of the town.

Momentum, that fickle lady, is now favoring internet-native finance, and our Q4 and full-year 2025 results are a testament to this.

→ $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% YoY

Circle is…

– Circle (@circle) February 25, 2026

In the detailed report, the firm revealed that its revenue and reserve income for the quarter reached an impressive $770 million, a 77% increase year-over-year, surpassing Wall Street’s modest expectations of $745 million. Its adjusted EBITDA, that ever-elusive metric, surged more than 400% to $167 million, while net income from continuing operations reached $133 million-a figure that would make even the most jaded investor blush with pride.

The full-year picture showed total revenue and reserve income of $2.7 billion, a 64% increase, though the company still reported a $70 million net loss, largely due to one-time stock compensation costs from its IPO. A minor setback, one might say, akin to a small hiccup in a grand symphony.

Circle, ever the visionary, directed investors’ attention to new products such as the Arc blockchain infrastructure (now live in testnet since late 2025) and the Circle Payments Network (now boasting dozens of institutions). These, they claim, will be the engines of future growth, beyond mere interest on reserves. A bold assertion, though one suspects the true test lies in the hands of time.

The results arrive at a time when regulatory clarity around stablecoins is improving, and adoption is accelerating, particularly in institutional and AI-agent use cases. A promising development, if one can ignore the occasional bureaucratic hurdle. Shares of Circle (NYSE: CRCL) reacted with a positive jolt in pre-market moves, reflecting relief that the business held up despite the shifting tides of interest rates.

For a company positioning itself as the backbone of internet-native finance, today’s report demonstrates real momentum, not mere hype. A commendable feat, if one can overlook the occasional market fluctuation.

Read More

2026-02-25 15:16