Circle’s Q4 revenue jumps 77% as USDC supply approaches $75 billion

Circle’s revenue hit $2.7 billion in 2015, a 64% increase as USDC adoption expanded globally.

Stablecoin issuer Circle reported a sharp increase in USDC circulation and transaction activity in the fourth quarter of 2025 as revenue and operating profitability increased year-over-year.

USDC reached $75.3 billion in transactions at the end of the year, up 72% from a year earlier, while the chain’s transaction volume increased by 247% to $11.9 trillion in the fourth quarter alone.

The income of the circle increases

The company posted $770 million in revenue and reserve income for the quarter ending December 31, 2025, up 77% from Q4 2024. Net income from continuing operations was $133 million, up $129 million year-over-year, while adjusted EBITDA was $417 million.

For the full fiscal year 2025, Circle recorded revenue and reserve income of $2.7 billion, a 64% increase from 2024. However, the company reported a net loss of $70 million for the year, compared to net income of $157 million in 2014. This loss was primarily due to stock compensation of $424 million related to legal conditions arising from the initial public offering.

Commenting on the financial results, Circle co-founder and CEO Jeremy Allaire said,

“The adoption of USDC has expanded globally as more businesses, developers, and government agencies integrate digital dollars into real-world payments, treasury, and onchain financial flows. We’ve seen strong engagement on our platform, significant progress toward the Arc mainnet launch, continued CPN TPV growth, and growing EURC and USYC rates.”

Beyond financial results

In terms of its infrastructure and payments initiatives, Circle’s Arc public testing has begun with over 100 participants across banking, capital markets, digital assets, payments and technology.

As of February 20, 2026, the testnet has recorded nearly 100% uptime, half-second transaction completion, and an average of 2.3 million transactions within 30 days. Meanwhile, total transactions have crossed 166 million since launch. The company said the Arc remains on track for a mainline launch this year.

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In addition, the Circle Payments Network has expanded to 55 registered financial institutions, 74 of which are under compliance review, and generated annual transaction volume of $5.7 billion based on trailing 30-day activity. The company also pointed to partnerships with Visa, Intuit, the Government of Bermuda and Polymarket, and received conditional approval from the US Comptroller of the Currency to establish a national trust bank.