Circle Reports $2.7B Annual Revenue as USDC Circulation Surges 72%

USDC issuer Circle has disclosed its 2025 financial results, reporting $2.7 billion in combined revenue and reserve income — a 64% jump from the prior year. Shares of CRCL rallied 26% to $77.4 following the announcement.

Circle's 2025 financial results overview

Why It Matters

Circle is the second-largest stablecoin issuer behind Tether. Strong earnings from a regulated stablecoin operator signal growing institutional and government demand for transparent digital dollars. The company's results handily beat Wall Street expectations, triggering a sharp share price rally.

Q4 Performance Exceeds Forecasts

Fourth-quarter revenue came in at $770 million, a 77% increase compared to the same period in 2024. Reserve income accounted for $733 million of that total.

Net income from operations for October through December surged to $133 million ($0.43 per share), up from just $4 million a year earlier. Analysts had projected $0.16 per share on revenue of $747 million — Circle beat both figures by a wide margin.

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% YoY

— Circle (@circle), February 25, 2026

On a full-year basis, however, Circle recorded a net loss of $70 million, driven by $424 million in stock-based compensation expenses tied to its IPO. Operating profit remained positive at approximately $157 million.

USDC Hits Record Circulation

Total USDC in circulation reached $75.3 billion by year-end, up 72% from December 2024. The average annual figure doubled to $76.2 billion. At the time of the report, CoinGecko data showed USDC market cap exceeding $75 billion.

CEO Jeremy Allaire noted that USDC adoption continues to accelerate globally, with more companies, developers, and government entities using digital dollars for real-world payments, treasury operations, and onchain finance.

Expanding the Product Portfolio

Beyond USDC, Circle reported significant traction across multiple initiatives:

• EURC — the euro-pegged stablecoin — grew to €310 million in circulation, a 284% annual increase.
• USYC — a tokenized money market fund — reached $1.5 billion in assets.
• Arc testnet onboarded over 100 participants from banking, capital markets, and technology firms. The network processed more than 166 million transactions with near-100% uptime and sub-second finality. As of February 20, daily transaction volume averaged 2.3 million. Mainnet launch is planned for later this year.
• Circle Payments Network now connects 55 financial institutions, with another 74 in the vetting stage. Annualized transaction volume based on 30-day trailing data stood at $5.7 billion.

Circle is also deepening strategic partnerships — with Visa on continuous settlement capabilities and with Intuit on infrastructure-level integration.

Stablecoin Market Competition

For comparison, Circle's primary rival Tether International reported net profit exceeding $10 billion for 2025, maintaining a significant lead in absolute financial terms.