Circle Posts Record Q4 Revenue and EBITDA Growth on Strong USDC Demand

Circle's revenue for Q4 hit $770 million, up 77% year-over-year, while adjusted EBITDA surged 412% to $167 million.

This performance exceeded analyst estimates, with a revenue-less-distribution-cost margin of over 40%, about 240 basis points above its model, according to William Blair.

USDC in circulation reached $75.3 billion at year-end, up 72% from 2024, while the company guided to a 40% compound annual growth rate in USDC circulation over coming years.