Circle Posts $2.7B Revenue in 2025 as USDC Supply Surges

Key Insights

• Circle recorded $770 million in total revenue and reserve income in Q4 of 2025.
• The company recorded $2.7 billion in annual revenue amidst rapid growth for USDC
• Circle CEO Jeremy Allaire says the global economic system will be transformed, and stablecoin will play a key role.

Stablecoin issuer Circle saw a 77% year-on-year increase in total revenue and reserve income for the fourth quarter of 2025. The company’s CEO, Jeremy Allaire, shared this development on X, noting that it reflects the potential of stablecoins.

Unsurprisingly, the increased revenue translated into more profits for the company. Circle also $133 million in net income from continuing operations for Q4, an increase of $129 million. Adjusted EBITDA in 2025 Q4 also grew $412 million.

Circle Pulls in $2.7 Billion in Annual Revenue as USDC Supply Rises

Overall, the company recorded a total revenue and reserve income of $2.7 billion for the 2025 financial year. This meant a 64% increase compared to 2024. Adjusted EBITDA for the year increased by 104% to $582 million.

However, its net income from continuing operations was a loss of $70 million. The stablecoin issuer explained that the expense was tied to its IPO. It came from $424 million in stock-based compensation. This was triggered by vesting conditions linked to the offering.

The stablecoin issuer explained that the expense was tied to its IPO. It came from $424 million in stock-based compensation. This was triggered by vesting conditions linked to the offering.

Circle Q4 2025 Performance | Source: Jeremy Allaire

The surge in Circle revenue over the past year highlights not only a successful Q4 but also overall growth. According to the report, the circulating supply of its USDC stablecoin also increased by 72% within that period.

USDC finished 2025 with a circulating supply of $75.3 billion. This is a sizable increase from the less than $44 billion as at the end of 2024. However, the supply has now dropped in 2026, with DefiLlama data showing that it is currently at $74.97 billion.

The stablecoin also saw a significant increase in its on-chain volume in 2025. On-chain transaction volume reached $11.9 trillion, a 247% year-over-year increase. With this, USDC is nearing 50% of stablecoin transaction volume.

Circle CEO Says Global Economic System is Set for Transformation

Meanwhile, Allaire stated that Circle’s performance in Q4 reflects the transformation of the global economic system. He believes the world has reached a turning point. The Internet will no longer be just for sharing information. It is set to become the foundation for moving economic value.

He sees blockchain, stablecoins, and AI as deeply connected. Together, they will shape a new kind of economy. This system will be native to the Internet and global in scope.

He said:

“We are entering a world where, in my view, tens or even hundreds of billions of AI agents will interact and perform economic functions over the internet. They’ll need programmable digital dollars and open infrastructure to do it. That’s exactly what we’ve been building at Circle.”

Interestingly, Allaire highlighted Circle’s other products apart from USDC, noting they are all part of the building blocks for the future. The company reported that its public testnet, Arc, has been highly active.

Between October 28, 2025, and February 2, 2026, it processed more than 166 million transactions. This highlights strong early adoption and usage momentum.

Circle highlighted the rapid growth of its Circle Payments Network (CPN). In just 30 days, it onboarded 55 financial institutions. During that same period, it recorded an annualized transaction volume of $5.7 billion.

Circle’s Euro stablecoin, EURC, also grew 284% YoY to €310 million. At the same time, the company obtained a conditional national trust bank charter in the US.

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