Circle has released its financial results for 2025, revealing a total revenue and reserve income of $2.7 billion.
Momentum is building in internet-native finance, and our Q4 and full year 2025 results show it.
→ $75.3B USDC in circulation (as of end of period), +72% YoY
→ $11.9T in USDC onchain transaction volume, +247% YoY
→ $770M total revenue and reserve income, +77% YoYCircle is… pic.twitter.com/QfMtK46mW2
— Circle (@circle) February 25, 2026
This figure marks a 64% increase compared to the previous reporting period.
The net loss amounted to $70 million, attributed to stock compensation expenses of $424 million following the IPO. However, operating profit remained positive at approximately $157 million.
In the fourth quarter, Circle achieved $770 million in revenue, a 77% increase from the same period in 2024. The primary driver of growth was reserve income, which totaled $733 million.
Net profit from operations between October and December surged to $133 million ($0.43 per share) compared to $4 million the previous year. Analysts had expected earnings of $0.16 per share with revenue of $747 million.
The volume of USDC in circulation at year-end reached $75.3 billion, a 72% increase from December 2024. The average annual figure doubled to $76.2 billion. At the time of writing, the stablecoin’s market capitalization exceeds $75 billion (CoinGecko).
“The adoption of USDC continues to gain momentum globally: more companies, developers, and government entities are using digital dollars in real payments, treasury operations, and onchain finance,” commented Circle CEO Jeremy Allaire.
Following the release of financial results, CRCL shares rose by 26% to $77.4.
Other Products
Circle also reported expansion in other areas. The volume of the euro-pegged stablecoin EURC in circulation reached €310 million, a 284% increase over the year. The tokenized money market fund USYC amounted to $1.5 billion.
The company shared updated data on the Arc test network: over 100 participants from the banking sector, capital markets, and technology companies have joined.
The network processed over 166 million transactions, demonstrating nearly 100% uptime and finalization in half a second. As of February 20, the average daily transaction count reached 2.3 million. The mainnet launch is planned for this year.
The Circle Payments Network has integrated 55 financial institutions, with 74 more in the verification stage. The annual transaction volume, based on data from the last 30 days, totaled $5.7 billion.
Simultaneously, the issuer is expanding strategic partnerships:
- with Visa — in continuous settlement;
- with Intuit — at the infrastructure integration level.
Earlier, Tether International, Circle’s main competitor, reported a net profit exceeding $10 billion for 2025.