USDC quotation approaches $75 billion: Circle’s revenue surges 77% in fourth quarter of 2025

USDC stablecoin issuer Circle saw strong growth in the fourth quarter of 2025, driven by growing network supply and transaction volume.

As of the end of the year, the total USDC circulation reached US$75.3 billion, an increase of 72% from the previous year (2024), while network transaction volume increased by 247% in the fourth quarter alone, reaching US$11.9 trillion.

The company generated revenue and reserves of $770 million in the quarter ended December 31, 2025, a year-over-year increase of 77%.

Net income from continuing operations rose to $133 million, an increase of $129 million from the year-earlier period, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 412% to $167 million.

For the full fiscal year 2025, Circle’s revenue was $2.7 billion, up 64% from 2024.

However, the company had a net loss of $70 million, compared with a net profit of $157 million the previous year, primarily due to a $424 million stock-based compensation expense related to the IPO.

Co-founder and CEO Jeremy Allaire said USDC adoption continues to expand globally as companies and public institutions integrate USDC into payment systems, money management and online financial applications.

He pointed to the progress of the launch of the Arc project’s main network, the growth in transaction volume of the company’s payment network, and the growth momentum of the EURC and USYC currencies.

In terms of infrastructure, Circle launched the Arc public experimental network, in which more than 100 entities from the banking, financial markets, digital assets and technology fields participate.

As of February 20, 2026, the network has close to 100% availability, transaction confirmation times are half a second, and an average of 2.3 million transactions per day over the past 30 days, with total transaction volume exceeding 166 million since launch.

The company aims to launch the mainnet this year.

Circle’s payments network has also expanded to include 55 registered financial institutions, with 74 entities under review, representing approximately $5.7 billion in annual transaction volume based on activity over the past 30 days.

The company announced partnerships with “Visa”, “Intuit”, the Government of Bermuda and the “Polymarket” platform, and received conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national bank in the form of a “trust bank”.

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