Circle profitability surges as USDC circulation hits $75B

Circle Internet Group (NYSE:CRCL) reported a surge in profitability and stablecoin adoption for the fourth quarter of 2025, marking its first full year as a public company with record-breaking transaction volumes.

The Boston-based firm saw USDC in circulation climb to $75.3 billion by year-end, a 72% increase compared to the previous year, while onchain transaction volume in the fourth quarter skyrocketed 247% to $11.9 trillion.

Total revenue and reserve income for the fourth quarter reached $770 million, representing a 77% increase over Q4 2024.

This growth was driven by the expanded supply of USDC and the yield generated from the company's reserve assets.

Net income from continuing operations for the quarter stood at $133 million, a dramatic turnaround from the $4 million reported in the same period last year.

Adjusted EBITDA for the quarter also saw significant expansion, rising 412% to $167 million.

For the full fiscal year 2025, Circle generated $2.7 billion in total revenue and reserve income, up 64% year-over-year.

Despite the operational strength, the company reported a full-year net loss from continuing operations of $70 million.

This loss was largely attributed to a one-time $424 million expense for stock-based compensation triggered by vesting conditions met during the company's initial public offering.

Excluding these IPO-related costs, the underlying business demonstrated robust scaling, with full-year adjusted EBITDA doubling to $582 million.