Circle Reports 72% USDC Growth, $770M Revenue in Q4 2025
Event summary
- USDC in circulation grew 72% year-over-year to $75.3 billion, with onchain transaction volume up 247% to $11.9 trillion in Q4 2025.
- Total revenue and reserve income increased 77% to $770 million, with net income from continuing operations rising $129 million to $133 million.
- Adjusted EBITDA surged 412% to $167 million, driven by higher USDC circulation and operational leverage.
- Arc public testnet launched with 100+ participants, achieving near 100% uptime and 2.3 million daily average transactions.
- Circle received conditional approval to establish a national trust bank, strengthening USDC infrastructure.
The big picture
Circle's Q4 2025 results highlight the accelerating adoption of USDC in global payments and treasury workflows, with significant growth in onchain transaction volume. The company's strategic partnerships with Visa, Intuit, and Polymarket, along with regulatory approvals, position it to expand its infrastructure for a more open financial system. However, the path forward depends on maintaining compliance and scaling Arc blockchain successfully.
What we're watching
- Stablecoin Dominance
- Whether Circle can sustain USDC's 28% stablecoin market share amid growing competition and regulatory scrutiny.
- Arc Mainnet Launch
- The pace at which Arc blockchain achieves mainnet launch and integrates with Circle's existing infrastructure.
- Regulatory Compliance
- How Circle navigates evolving U.S. securities laws and the potential impact of the GENIUS Act on its payment stablecoin ecosystem.
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