Circle ended 2025 on a high note, driven by its USDC stablecoin’s increasing global demand and growing digital asset infrastructure. Circle, founded in 2013 and based in the US, has firmly planted its feet as a pioneer in blockchain payment solutions and stablecoin innovation. The past year highlighted a shift toward cryptocurrency-backed finance, appealing to institutions and individuals alike worldwide.
How Did USDC Exposure Increase?
The year closed with USDC’s supply reaching a new peak at $75.3 billion, a 72% leap from the previous year. In the last quarter alone, USDC facilitated on-chain transactions valued at $11.9 trillion, illustrating an astonishing 247% annual increase. Such a surge has significantly bolstered Circle’s financial performance.
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.
What Are the Financial Implications for Circle?
Circle reported a marked revenue increase in the fourth quarter, with total earnings—comprising primarily reserve income—hitting $770 million due to doubled average USDC balances. However, decreased reserve yields partially tempered this uptick.
Net income from operations registered at $133 million. The firm saw a 412% rise in adjusted EBITDA, soaring to $167 million. However, increased expenses from stock-based employee compensation and public offering costs affected the cost structure during this period.
Over the entire year, revenue and reserve income spiked 64% to $2.7 billion compared to 2024, although Circle faced a $70 million net loss attributable to costs from the public offering. Despite this, the company’s adjusted EBITDA more than doubled, surpassing $582 million.
Advancements and Collaborative Initiatives
Circle also focused on exciting product advancements and flourishing partnerships. The public testing phase of its Arc platform included over 100 banking and fintech entities, achieving 166 million transactions on the testnet. The mainnet is set for 2026.
Its Payments Network expanded to 55 finance institutions, processing $5.7 billion in transactions annually. Collaborative integrations persist, with Visa enabling USDC settlings in the US, Intuit integrating USDC, and Bermuda’s government utilizing Circle’s infrastructure for a fully on-chain economy.
Circle’s euro-based stablecoin, EURC, experienced a dramatic growth of 284% annually. The company’s persistent partnerships and product development have fortified its stance in the swiftly evolving digital finance sector.
Key takeaways from Circle’s 2025 financial highlights:
- USDC supply soared to a record $75.3 billion.
- On-chain transactions reached a staggering $11.9 trillion.
- Total income surged by 77% to $770 million in the fourth quarter.
- Adjusted EBITDA grew over fourfold to $167 million.
- Circle’s EURC stablecoin saw a 284% annual growth.
Circle’s achievements underscore the significant strides made in the blockchain and stablecoin sectors, showcasing the company’s robust growth and strategic plans paving the way for the future of digital finance.
