Circle Posts $770M Q4 Revenue as USDC Supply Hits $75B

• Q4 revenue jumped 77% YoY to $770M; full-year revenue hit $2.747B with EBITDA doubling.
  
• USDC supply rose 72% to $75.3B as on-chain volume surged 247% to $11.9T.
  
• EURC grew 284%, USYC hit $1.5B; Arc mainnet set for 2026 launch.

Circle closed Q4 2025 on a strong note. The stablecoin giant reported $770 million in total revenue and reserve income. That marks a 77% jump compared to the same period last year. 

USDC in circulation reached $75.3 billion, growing 72% year-over-year. The numbers point to one thing: stablecoin demand is not slowing down.

USDC Growth Drives Record Transaction Volume

The circulation figures alone tell a compelling story. But the on-chain transaction volume takes it further. Circle reported $11.9 trillion in USDC on-chain transactions for Q4. 

That is a staggering 247% increase year-over-year. More people and platforms are moving money through USDC than ever before.

Jeremy Allaire, Circle’s CEO, shared his perspective on X. He described the current moment as an inflection point. 

“The internet is evolving from moving information to moving value,” he wrote. He pointed to blockchain, stablecoins, and AI as converging forces. Together, he argued, they are reshaping the global economic system.

Circle’s broader platform also showed notable momentum. Its EURC stablecoin reached 310 million euros in circulation, up 284% year-over-year. USYC hit $1.5 billion.

The Circle Payments Network recorded an annualized transaction volume of $5.7 billion. These figures suggest Circle is expanding well beyond its core USDC business.

For the full year 2025, Circle posted $2.747 billion in total revenue and reserve income. That reflects 64% growth compared to 2024. Adjusted EBITDA for the year came in at $582 million, doubling year-over-year.

The company did report a net loss of $70 million for the full year, largely due to stock-based compensation tied to its IPO process.

Circle Eyes 2026 With Arc Launch and Aggressive USDC Targets

Looking ahead, Circle has set clear targets for 2026. The company is guiding for an RLDC margin of 38% to 40%. 

Other revenue is projected to land between $150 million and $170 million. On USDC growth, Circle is targeting roughly 40% compound annual growth over multiple years.

One of the most anticipated developments is the Arc mainnet launch. Circle confirmed the launch remains on track for sometime in 2026. Arc is designed to serve as infrastructure for on-chain finance. It represents Circle’s move deeper into the financial internet layer.

Industry observers on X noted the broader implications of Circle’s results. Layergg, a crypto-focused account, pointed out that big tech companies may soon take notice. 

“Not just Meta. The Big Tech hyenas will circle once they smell the profits,” the account posted. The comment reflects a growing conversation around whether tech giants will push into the stablecoin space.

Circle’s Q4 results arrive at a time when stablecoin regulation is gaining traction globally. USDC’s share of stablecoin transaction volume reportedly approached 50% during the quarter. 

That positions Circle as a dominant player in a fast-moving market. The company appears set to push that lead further into 2026.

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