Circle Posts Record Q4 Revenue as USDC Circulation Surges

Circle, the company behind the USDC stablecoin, reported $770 million in Q4 revenue, a 77% year-over-year increase. This exceeds analyst estimates and represents a significant growth milestone for the firm. The company's adjusted EBITDA surged by 412%, reaching $167 million.

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

For the full fiscal year 2025, Circle reported $2.7 billion in total revenue but posted a net loss of $70 million from continuing operations, largely due to stock-based compensation tied to IPO vesting conditions.