Circle Internet Group (CRCL) Reports Impressive Q4 2025 Results: A Look at Its Revenue Surge and Future Growth
Circle Internet Group (CRCL) has reported an astounding $770 million in total revenue and reserve income for the fourth quarter of 2025, marking a remarkable 77% increase from the previous year. According to the Wednesday earnings report, the New York-based stablecoin issuer concluded the year with $75.3 billion in USDC circulation, a significant 72% growth since the end of 2024. The strong financial performance is indicative of Circle’s expanding footprint in the digital asset market, signaling a positive trajectory for the company as it seeks to enhance the infrastructure supporting an open financial system.
The surge in revenue was primarily driven by reserve income, which alone reached $733 million in the fourth quarter. Notably, the average USDC in circulation doubled year-over-year to $76.2 billion, although the reserve return rate experienced a slight decline of 68 basis points, settling at 3.8%. The report also highlighted net income from ongoing operations amounting to $133 million for Q4, a significant contrast to the mere $4 million reported in the same quarter the previous year. Furthermore, Circle’s adjusted EBITDA saw a staggering 412% increase, totaling $167 million, illustrating a robust growth strategy in action.
Circle’s CEO Jeremy Allaire expressed optimism about the company’s direction, remarking that “the fourth quarter marked another step forward in Circle’s mission to build the infrastructure for an open, programmable internet financial system.” His comments underscore the firm’s commitment to enhancing digital dollar adoption globally—specifically among enterprises, developers, and public institutions—integrating USDC into various facets of real-world payments, treasury operations, and onchain financial workflows.
However, it’s important to note that while Circle achieved notable quarterly results, the full fiscal year presented a different story. The company reported a net loss from continuing operations of $70 million, a stark comparison to the net income of $157 million in 2024. This downturn was significantly influenced by $424 million in stock-based compensation linked to vesting conditions associated with Circle’s initial public offering. Despite this annual loss, the company remains optimistic, offering multi-year guidance that targets a 40% compound annual growth rate for USDC in circulation moving forward.
In addition to its financial gains, Circle has also demonstrated growth across its digital asset offerings. EURC in circulation reached €310 million by year-end, showcasing a 284% increase from the previous year and a 44% rise from the third quarter. USYC assets, totaling $1.5 billion, saw a 6% year-over-year dip; however, they rebounded significantly with a 111% increase from Q3, following the product’s relaunch early in that quarter. This diversification is vital for Circle as it seeks to solidify its market presence in a competitive landscape dominated by other stablecoins like Tether.
Circle’s technological advancements also highlight its commitment to innovation. The Arc public testnet currently boasts over 100 participants from various sectors, processing more than 166 million transactions with nearly 100% uptime. Daily transaction volumes soared to an average of 2.3 million as of February 20, 2026, signaling robust interest and engagement. The company also reported an annualized transaction volume of $5.7 billion on its Circle Payments Network, which has 55 financial institutions enrolled as of the same date, with additional institutions in the review process.
In a bid to further reinforce its regulatory standing, Circle, in collaboration with Ripple and BitGo, received conditional approval from the Office of the Comptroller of the Currency to establish a national trust bank. This strategic move underscores Circle’s dedication to nurturing an effective USDC infrastructure while navigating the evolving regulatory landscape. Following these earnings announcements, Circle shares experienced a remarkable nearly 20% increase in pre-market trading, climbing to $72.59 after closing at $61.37 the previous day.
In summary, Circle Internet Group’s Q4 2025 results reflect substantial growth and strategic advancements that position the company favorably in the competitive stablecoin market. With increased adoption of USDC and a focus on innovation and partnerships, Circle is on track to solidify its leadership role in the digital asset ecosystem. Despite experiencing a loss in the fiscal year, the company’s forward-looking growth targets and ongoing expansions illustrate its potential for sustained success in the evolving landscape of digital finance.
