Circle closed the final quarter and full year of 2025 with remarkable growth, propelled by rising global demand for its USDC stablecoin and digital asset infrastructure. The US-based company, established in 2013, has become a recognized leader in blockchain-based payment solutions and innovative stablecoin products. In 2025, Circle’s performance underscored how cryptocurrency-powered finance is gaining traction among institutions and individuals worldwide.
USDC Supply and On-Chain Volume Break New Records
By the end of 2025, the circulating supply of USDC climbed to $75.3 billion, marking a 72% increase over the previous year. In just the fourth quarter alone, USDC-fueled on-chain transaction volume hit $11.9 trillion—representing a staggering 247% year-on-year growth. According to figures shared by Circle, this surge in transaction activity gave a notable boost to the company’s financial results.
This accelerating momentum, which has bolstered the landscape of internet-based financial solutions, was directly reflected in Circle’s fourth-quarter and full-year performance. The period closed with $75.3 billion in USDC circulating and on-chain volume reaching $11.9 trillion. Total revenue and reserve income rose 77% from the prior year, surpassing $770 million, the company reported.
Robust Growth in Revenue and Profitability
In the fourth quarter of 2025, total income—including revenue from reserves—increased by 77% to $770 million, of which $733 million stemmed from reserve earnings alone. This rise was primarily driven by a doubling in average USDC balances, although partially offset by lower reserve yields.
Net profit from continuing operations stood at $133 million. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) soared 412% to $167 million. However, costs climbed significantly due to stock-based compensation for employees and expenses tied to Circle’s public offering, which contributed to the increased cost base during the period.
For the full year, total revenue and reserve-related income reached $2.7 billion, a 64% jump from 2024. Despite this strong topline performance, Circle posted a net loss of $70 million, largely attributed to share-based payments resulting from the public offering. Meanwhile, for the year, the company’s adjusted EBITDA more than doubled, rising above $582 million.
Product Innovation and Expanding Partnerships
Alongside stellar financials, Circle drew attention with advances in product development and strategic partnerships. The company’s Arc platform entered public test phase, drawing participation from over 100 banking and financial technology players. Transaction counts on the testnet exceeded 166 million with system reliability remaining virtually uninterrupted, while the mainnet launch of Arc is scheduled for 2026.
Circle’s Payments Network grew to include 55 financial institutions, with annualized transaction volume reaching $5.7 billion. Institutional integrations continued on an upward trend: Visa enabled USDC settlements for U.S. issuers and acquirers, and Intuit incorporated USDC within its platform. Meanwhile, the Bermuda government announced it would build a fully on-chain national economy using Circle’s infrastructure.
Circle’s euro-denominated stablecoin, EURC, stood out with a remarkable 284% annual growth rate. The company’s ongoing collaborations with major institutions and product innovations have further solidified its strategic position within the rapidly evolving digital finance ecosystem.
