Circle Posts Record Revenue as USDC Circulation Tops $75 Billion
Circle's fourth-quarter revenue soared to $770 million, up 77% from the previous year. The company also reported a significant increase in adjusted EBITDA, reaching $167 million - a 412% surge from the same period last year.
The impressive results exceeded analyst estimates, with William Blair noting a revenue-less-distribution-cost margin of over 40%. This figure is about 240 basis points above its model. The company's shares surged roughly 30% on Wednesday to nearly $80.
USDC circulation reached $75.3 billion at year-end, up 72% from 2024. Circle guided a 40% compound annual growth rate in USDC circulation over the coming years. The company also reported net income from continuing operations of $133 million, compared to $4 million in the same period last year.
Circle's CEO Jeremy Allaire pointed out that USDC growth is decoupling from Bitcoin price cycles. He attributed this change to increased adoption driven by payments, treasury management, and financial infrastructure. However, he acknowledged growing competition from major banks entering stablecoins.