Key Highlights
- Circle revealed that USDC circulation reached $75.3 billion by year-end (up 72% year-over-year), while on-chain transaction volume in Q4 alone surged to $11.9 trillion (up 247% year-over-year).
- The firm’s Q4 total revenue and reserve income hit $770 million (up 77% year-over-year, surpassing Wall Street estimates around $745 million), with adjusted EBITDA soaring over 400% to $167 million and net income from continuing operations at $133 million.
- The better than expected financial results drove Circle shares (NYSE: CRCL) rising nearly 20% in pre-market trading.
Circle, the company behind the USDC stablecoin, dropped its fourth-quarter and full-year 2025 financials today, highlighting USDC circulation ended the year at $75.3 billion, a solid 72% jump from the prior period.
Disclosing its financials to investors, the company said that its USDC onchain transaction volume in the fourth quarter alone exploded to $11.9 trillion. The number is more than triple the level from a year earlier, up 247%. Those figures underline how deeply stablecoins have embedded themselves in everything from cross-border transfers to DeFi (decentralized finance) and emerging AI-driven payments.
In the detailed report, the firm revealed that its revenue and reserve income for the quarter hit $770 million, climbing 77% year-over-year and topping Wall Street estimates that hovered around $745 million. Its adjusted EBITDA surged more than 400% to $167 million, while net income from continuing operations reached $133 million, flipping from a much smaller figure last year.
The full-year picture showed total revenue and reserve income of $2.7 billion, up 64%, though the company still reported a $70 million net loss overall, largely tied to one-time stock compensation costs from its initial public offering (IPO).
Circle’s leverage on AI agent wave
The results arrive as regulatory clarity around stablecoins improves and adoption accelerates, especially in institutional and AI-agent use cases.
Quitting financials, Circle Co-Founder and CEO, Jeremy Allaire stated that his company is growing with increasing use of stablecoins within the AI ecosystem. “Blockchain, stablecoins, and AI aren’t separate trends — they’re converging into something much bigger: a reimagined global economic system, built natively on the internet,” he said.
Jeremy believes that the world is moving towards an age where hundreds of billions of AI agents will interact with the financial ecosystem using the internet. “They’ll need programmable digital dollars and open infrastructure to do it,” he emphasized.
Circle’s report also pointed investors’ attention to new products like the Arc blockchain infrastructure (testnet live since late 2025) and the Circle Payments Network (now with dozens of institutions onboard) as drivers for future growth beyond just interest on reserves. They guided for a multi-year USDC circulation compound annual growth rate of around 40% through market cycles, signaling confidence that programmable money will keep expanding.
Following the optimism, Circle’s shares (NYSE: CRCL) reacted positively in pre-market moves, rising nearly 20% to $72.50 at the time of publishing.
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