Circle's Q4 Revenue Surges 77% as USDC Circulation Hits $75B

Circle's Q4 revenue soared to $770 million, up 77% year-over-year, as the company posted a 412% jump in adjusted EBITDA to $167 million.

The strong results exceeded analyst estimates, with William Blair noting a revenue-less-distribution-cost margin of over 40%, about 240 basis points above its model.

USDC circulation reached $75.3 billion at year-end, up 72% from 2024, and the company guided to a 40% compound annual growth rate in USDC circulation over coming years.