USDC issuer Circle exceeds Q4 projections with 72% supply increase; stock jumps 20%
Circle Internet Group delivered $770 million in Q4 2025 revenue, surpassing analyst expectations while annual revenue climbed 64% and USDC circulation crossed the $75 billion threshold.
Circle Internet Group, the company behind USDC stablecoin issuance, delivered fourth-quarter financial results on Wednesday that exceeded Wall Street expectations, powered by substantial expansion in its USDC stablecoin operations and growing payments infrastructure, highlighting sustained strength amid a turbulent cryptocurrency marketplace.
During the three-month period concluded on Dec. 31, 2025, Circle generated revenue totaling $770 million, representing a 77% jump compared to the same period one year prior, while achieving net income of $133.4 million, equivalent to 43 cents on a per-share basis. Wall Street analysts had projected earnings of 16 cents per share alongside revenue of $747 million.
The impressive quarterly performance was powered partially by a 72% year-over-year surge in the supply of Circle's dollar-backed stablecoin, USDC, which climbed to approximately $75.3 billion in circulation as the year concluded.
Throughout the entirety of 2025, Circle generated revenue totaling $2.7 billion, marking a 64% increase versus the previous year. The organization posted a net loss of $70 million across the full year, primarily attributable to $424 million in equity-based compensation expenses associated with its 2025 initial public offering (IPO).
Notwithstanding the yearly loss, the company achieved positive operating income of approximately $157 million, demonstrating robust core operational performance.
Circle's stock price jumped following the announcement, climbing beyond 20% during early Wednesday morning trading sessions, reaching nearly $74.
Arc rollout and policy tailwinds bolster Circle's expansion
Circle emphasized multiple operational achievements throughout the quarter, notably the public testnet debut of Arc, its newly developed blockchain infrastructure solution engineered to assist financial institutions in constructing tokenized financial products. The company disclosed that over 100 institutional participants have enrolled in the testnet program.
The Circle Payments Network, a framework for cross-border payment coordination that enables banking institutions to complete transactions utilizing stablecoins, grew to encompass 55 financial institutions, while additional organizations are undergoing eligibility assessment and integration processes.
Although Circle has gained recognition primarily for producing USDC, the globe's second-most valuable stablecoin measured by market capitalization, its euro-backed stablecoin, EURC, demonstrated impressive expansion as well. EURC supply achieved 310 million euros ($365 million), representing a 284% increase year over year.
Circle has additionally gained advantages from an improved regulatory environment within the United States during President Donald Trump's administration, particularly following enactment of the GENIUS Act, which creates a federal regulatory structure for payment stablecoins and establishes issuer supervision requirements.
Nevertheless, wider industry advancement has encountered obstacles. According to reporting from The Wall Street Journal, development on a companion market structure legislation referred to as the CLARITY Act has experienced delays amid persistent disagreements between cryptocurrency industry supporters and banking sector organizations concerning matters including stablecoin yield distribution and incentive structures.