Circle Announces Q4 2025 and Full Year Results: Annual Revenue Reaches $2.7 Billion, Up 64%; USDC Circulating Supply Grows by 72%

BlockBeats News, February 25th, stablecoin USDC issuer Circle announced its fourth quarter and full-year 2025 performance, including:

The circulating supply of USDC was $75.3 billion (as of the end of the period), a year-on-year increase of 72%;

The on-chain transaction volume of USDC reached $11.9 trillion, a year-on-year increase of 247%;

Total revenue and reserve income reached $770 million, a year-on-year increase of 77%.

2025 fiscal year total revenue and reserve income were $2.7 billion, an increase of 64%;

2025 fiscal year ongoing operations net loss of $70 million, mainly due to $424 million in equity incentive expenses related to the initial public offering (IPO), while the 2024 fiscal year ongoing operations net profit was $157 million;

2025 fiscal year adjusted EBITDA was $582 million, an increase of 104%.

Circle stated that it is building an economic operating system for the internet, enabling various emerging possibilities from frictionless cross-border payments to intelligent AI-based networks.