Skip to content
- Circle revenue surges 77% as USDC supply expands rapidly
- USDC circulation climbs to $75.3 billion milestone
- Quarterly profit jumps sharply despite lower reserve returns
Circle Internet Group reported a strong fourth quarter performance as USDC circulation expanded significantly. In Q4 2025, the total revenue and reserve income of the company were $770 million. That outcome was a 77% growth over the same year before. Meanwhile, the USDC in circulation was standing at $75.3 billion at the end of the year. This was a 72 percent growth compared to the end of 2024.
Quarterly revenue was mainly a result of reserve income. Circle registered an income of $733 million in the quarter. In the meantime, the average USDC in circulation increased more than twice annually to $76.2 billion. Nevertheless, the reserve rate of return fell by 68 basis points to 3.8, which is an indication of reduced yields.
Also Read: Terraform Liquidator Targets Jane Street in Terra Collapse Bombshell
Profit Growth Accelerates Despite Lower Reserve Yields
Continuing operations net income increased to one hundred and thirty-three million dollars in the fourth quarter. On the contrary, in 2024, the company reported an amount of $4 4million in the same period. Also, the adjusted EBITDA increased to $167 million, which is a 412 percent annual growth. The earnings statement reflected the further internationalisation of USDC in payment and treasury activities.
Circle recorded a net loss of $70 million in continuing operations in the full fiscal year 2025. This is in comparison to a net income of $157 million in 2024. The huge annual loss was fuelled by 424 million stock-based compensation costs associated with the vesting provisions based on the initial public offering.
Digital Asset Expansion and Market Reaction
Other digital asset products also recorded growth at Circle. Circulation of EURC was €310 million at the end of the year. This figure was 284 percent higher than in the last year, and 44 percent higher than in the third quarter. In addition, the USYC assets were worth $1.5 billion by the year 2025. Though that figure fell 6 percent per annum, it improved 111 percent compared to the third quarter after a relaunch in early Q3.
After the announcement of earnings, Circle stock was up almost 20 percent in pre-market activity. The share was traded at $72.59, having closed at $61.37 in the last session.
