Circle's Q4 Revenue Soars, USDC Circulation Hits Record $75B

Circle's quarterly revenue has surged to $770 million, up 77% year-over-year, with adjusted EBITDA reaching $167 million - a 412% jump from last year. The company's USDC stablecoin in circulation reached $75.3 billion at year-end, a 72% increase from 2024.

Circle's net income from continuing operations for the quarter was $133 million, compared to $4 million in the same period last year. Analysts Andrew Jeffrey and Adib Choudhury have reiterated their 'outperform' rating on Circle, calling it a high-quality cryptocurrency infrastructure play.

USDC captured 47% of total stablecoin transaction volume in Q4, up from 32% in Q4 2024, according to Circle's earnings slides. CEO Jeremy Allaire attributed the growth to payments and treasury management adoption, rather than price cycles.