Stock price surges over 35% "The first listed stablecoin company" Circle's performance exceeds expectations across the board

2026-02-26 23:35:56

“Stablecoin First Stock” Circle Internet Group, Inc. announced its latest quarterly results, surpassing market expectations across the board, with its stablecoin USDC circulation increasing by 72% to $75.3 billion.

The report shows that in Q4 2025, Circle’s revenue reached $770 million, a 77% year-over-year increase, beating the previous market forecast of $747 million. Net profit was $133 million, up $129 million from the same period last year.

Adjusted EBITDA was $167 million, compared to the market expectation of around $130 million, representing a 412% year-over-year growth.

Boosted by these results, Circle (stock code: CRCL) surged 35.47%. Cryptocurrency concept stocks also rose, with Coinbase, a Circle partner, up 13.52%, Strategy up 8.86%, and Robinhood up 5.64%.

Circle has signed revenue-sharing agreements with distribution partners including Coinbase to promote USDC adoption. Coinbase also offers rewards to users holding USDC on its platform.

Circle went public last June. As market enthusiasm for stablecoins—digital assets typically pegged 1:1 to the US dollar—grew, coupled with Trump signing a stablecoin regulation bill the following month, its stock price soared significantly.

Despite revenue and USDC circulation increasing year-over-year, Circle stated on Wednesday that as of the quarter ending December 31, the reserve asset return rate was only 3.8%. Most of the company’s profits come from interest income generated by U.S. Treasury bonds held in its reserves, which are used to support its stablecoin issuance.

Currently, Circle is increasing investments to diversify its revenue streams. The company expects non-interest income to reach $150 million to $170 million by 2026, higher than analysts’ forecast of $145.2 million.

Circle predicts that USDC circulation will grow 40% over the next few years. By 2026, the company expects its revenue profit margin after distribution costs to reach 38% to 40%.

Financial Illustration: Key Insights

(Source: Caixin News)

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