Circle Posts Record Revenue as USDC Circulation Tops $75B
Circle's quarterly results exceeded analyst estimates, with fourth-quarter revenue of $770 million, up 77% year-over-year. The company also reported a significant jump in adjusted EBITDA to $167 million, representing a 412% increase.
The strong performance was driven by the growth of USDC circulation, which reached $75.3 billion at year-end, a 72% increase from 2024. Circle guided to a 40% compound annual growth rate in USDC circulation over coming years.
Circle's CEO Jeremy Allaire attributed the growth to the decoupling of USDC from bitcoin price cycles, with adoption now driven by payments, treasury management, and financial infrastructure. He acknowledged growing competition from major banks entering stablecoins but noted that scale and network effects tend to consolidate activity among a small number of issuers.