Circle's Q4 Revenue Surges as USDC Circulation Tops $75B
Circle's fourth-quarter revenue reached $770 million, up 77% from last year, and its adjusted EBITDA surged by 412% to $167 million. The company's USDC stablecoin circulation topped $75 billion at the end of 2025, a 72% increase from 2024.
The results exceeded analyst estimates, with William Blair noting a revenue-less-distribution-cost margin of over 40%, about 240 basis points above its model. Circle's CEO Jeremy Allaire said USDC growth is decoupling from bitcoin price cycles and is now driven by payments, treasury management, and financial infrastructure.
Circle guided to a 40% compound annual growth rate in USDC circulation over the coming years. The company reported $2.7 billion in total revenue for fiscal year 2025 but posted a net loss of $70 million from continuing operations due to stock-based compensation tied to IPO vesting conditions.