Circle Posts Record Q4 Revenue as USDC Circulation Surges to $75B

Circle's quarterly earnings show significant growth in revenue and profit margins, exceeding analyst estimates. The company reported $770 million in Q4 revenue, a 77% year-over-year increase, with an adjusted EBITDA of $167 million - a 412% jump from the previous period.

USDC circulation reached $75.3 billion at year-end, up 72% from 2024, and is guided to grow by 40% compound annually over coming years. Circle's net income from continuing operations hit $133 million in Q4, compared with just $4 million the previous year.

Analysts Andrew Jeffrey and Adib Choudhury reiterated their 'outperform' rating for Circle, citing its position as a high-quality cryptocurrency infrastructure play. CEO Jeremy Allaire noted that USDC growth is decoupling from Bitcoin price cycles, driven more by payments, treasury management, and financial infrastructure.