Circle's Q4 Revenue Jumps 77% as USDC Circulation Surges
Circle's fourth-quarter revenue surged to $770 million, representing a 77% year-over-year increase. The company also reported a significant jump in adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of 412%, reaching $167 million.
According to the report, USDC (Circle's stablecoin) 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.
The company's net income from continuing operations hit $133 million in Q4, compared with $4 million in the same period last year. Analysts Andrew Jeffrey and Adib Choudhury reiterated their 'outperform' rating for Circle, citing its strong growth prospects and market position.
Circle CEO Jeremy Allaire emphasized that USDC's growth is decoupling from Bitcoin price cycles, driven more by payments, treasury management, and financial infrastructure adoption. 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.