Circle 2025 Financial Report Released: USDC Circulation Surpasses $75 Billion, Annual Revenue Soars 64%, $CRCL Jumps 18% Before Market Open

Circle officially releases the 2025 Q4 and full-year financial reports on February 25, 2026. Data shows that Circle achieved milestone growth over the past year, with flagship stablecoin USDC circulation increasing by 72% year-over-year, surpassing $75.3 billion, driving total annual revenue up to $2.7 billion.
(Background: U.S. OCC approves! Five crypto giants including Ripple, BitGo, and Circle receive “conditional approval” for trust bank licenses)
(Additional context: Circle releases Q3 financials: revenue surges 66%, net profit doubles to $214 million, USDC market cap exceeds $73.7 billion)

Table of Contents

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• Core Financial Performance: Revenue Doubling and Operational Efficiency Improvements
• USDC Ecosystem Expansion: Circulation and Trading Volume Hit Record Highs
• Strategic Layout and Technological Innovation: Major Progress in Arc Blockchain and Banking Licenses
• Summary and Outlook: Building an Open Global Financial Infrastructure
• Circle Pre-market Jump 18%

Stablecoin giant Circle Internet Group, Inc. (NYSE: CRCL) announced its financial results for Q4 and the full year of 2025 on February 25, 2026. The report shows that as global enterprises, developers, and public institutions’ demand for digital dollars continues to grow, Circle achieved significant business growth and major infrastructure breakthroughs in 2025.

Core Financial Performance: Revenue Doubling and Operational Efficiency Improvements

In Q4 2025, Circle’s performance was particularly strong. Total revenue and reserve income reached $770 million, a 77% increase from the same period last year. Even more notable was its profitability leap, with adjusted EBITDA hitting $167 million in Q4, a 412% year-over-year increase, reflecting a highly leveraged business model.

For the full year 2025, Circle’s total revenue and reserve income reached $2.7 billion, up 64%. Although net loss for the year was $70 million, this was mainly due to a one-time accounting impact of $424 million in stock-based compensation tied to the IPO, not reflecting core business losses. When looking at adjusted EBITDA, a measure of operational performance, the full year reached $582 million, more than doubling compared to 2024.

USDC Ecosystem Expansion: Circulation and Trading Volume Hit Record Highs

Circle’s flagship product USDC demonstrated unparalleled market influence in 2025. By year-end, USDC circulation reached $75.3 billion, up 72%. Even more impressive, on-chain trading volume in Q4 hit $11.9 trillion, a 247% surge from the same period last year.

In addition to USDC, Circle’s euro stablecoin EURC also performed strongly, reaching €310 million in circulation by year-end, a 284% increase. These figures show that Circle’s digital assets have deeply penetrated global payments, treasury management, and on-chain financial workflows.

Strategic Layout and Technological Innovation: Major Progress in Arc Blockchain and Banking Licenses

Circle is transforming from a stablecoin issuer into an infrastructure provider for “digital financial systems.” Key strategic developments in 2025 include:

2. Arc Blockchain Network: Over 100 institutions across banking, capital markets, and tech sectors participated in the public testnet, with total transaction volume exceeding 166 million, and the mainnet is expected to launch in 2026.
3. Circle Payment Network (CPN): 55 financial institutions have joined, with 74 more under review, and annualized transaction volume reaching $5.7 billion.
4. Major Partnerships: Visa announced that US card issuing and acquiring banks can settle via USDC; Intuit also partnered with Circle to integrate USDC into its platform.
5. Compliance and Regulation: Circle received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) in December 2025 to establish a “National Trust Bank,” further solidifying its position within regulated financial systems.

Summary and Outlook: Building an Open Global Financial Infrastructure

Circle CEO Jeremy Allaire stated that 2025 was a milestone year in achieving the goal of “building an open and programmable networked financial system.” With the Bermuda government announcing it will become the world’s first full-chain national economy supported by Circle’s infrastructure, Circle’s influence has extended from private enterprise to the public sector.

Looking ahead, Circle remains optimistic about USDC’s long-term growth, targeting a 40% compound annual growth rate, and expects other business revenues in 2026 to reach $150–170 million. With the release of the Arc mainnet and deep integration with traditional financial institutions, Circle is laying the foundation for a more resilient and transparent global financial system.

Circle Pre-market Rises 18%

Inspired by strong financial results, Circle’s pre-market stock price surged approximately 18%, with the pre-market price at $72.5.