Circle Soars as Q4 Revenue Hits $770M and USDC Circulation Tops $75B

Circle's fourth-quarter revenue reached $770 million, up 77% year-over-year, while its adjusted EBITDA surged by 412% to $167 million.

The company exceeded analyst estimates with a revenue-less-distribution-cost margin of over 40%, and USDC circulation topped $75.3 billion at year-end, representing a 72% increase from 2024.

Circle guided to a 40% compound annual growth rate in USDC circulation over the coming years, as its CEO Jeremy Allaire noted that USDC's growth is decoupling from Bitcoin price cycles and driven more by payments, treasury management, and financial infrastructure.