Digital payments and stablecoin issuer Circle delivered a standout fourth quarter, reporting $770 million in revenue, a 77% year-over-year increase, as adoption of its flagship stablecoin USDC continued to expand across global markets.
Net income for the quarter reached $133 million, underscoring the company’s improving operating leverage despite a volatile crypto backdrop.
The results reflect a period of accelerating demand for regulated digital dollars, particularly as institutions deepen their participation in blockchain-based payments and settlements. Circle’s leadership framed the performance as evidence that momentum in internet-native finance is strengthening, with its infrastructure increasingly serving as a backbone for digital economic activity.
Momentum is building in internet-native finance, and our Q4 and full year 2025 results show it.
→ $75.3B USDC in circulation (as of end of period), +72% YoY
→ $11.9T in USDC onchain transaction volume, +247% YoY
→ $770M total revenue and reserve income, +77% YoYCircle is… pic.twitter.com/QfMtK46mW2
— Circle (@circle) February 25, 2026
The quarterly growth was fueled by a combination of rising reserve income, higher transaction activity, and broader adoption of USDC across exchanges, payment platforms, and decentralized finance applications.
Full-Year Results Show Expansion Despite Net Loss
For the full year 2025, Circle generated $2.7 billion in revenue, representing a 64% increase compared with the previous year. Despite the strong top-line growth, the company recorded a net loss of $70 million, largely attributed to compensation expenses tied to its initial public offering preparations.
Such IPO-related costs are common among high-growth fintech firms transitioning toward public markets, and investors typically view them as temporary pressures rather than structural weaknesses. Excluding these one-off expenses, Circle’s underlying profitability trajectory remains positive, supported by expanding revenue streams and improving scale efficiencies.
The contrast between quarterly profitability and annual net loss highlights the company’s transition phase, balancing aggressive growth initiatives with the financial realities of scaling a global financial infrastructure platform.
USDC Supply And Usage Reach New Highs
At the center of Circle’s growth story is the continued expansion of USD Coin (USDC), one of the world’s largest regulated stablecoins. By the end of the reporting period, USDC supply stood at $75.3 billion, marking a 72% year-over-year increase and reinforcing its role as a key liquidity layer for digital markets.
Even more striking is the surge in network activity. USDC recorded $11.9 trillion in on-chain transaction volume during 2025, a 247% increase from the prior year. The scale of this activity illustrates how stablecoins are evolving beyond trading tools into foundational payment rails used for remittances, settlements, and treasury operations.
This rapid expansion reflects broader shifts in how value moves online. Businesses increasingly rely on blockchain-based dollars for faster settlement times and reduced cross-border friction, while developers integrate stablecoins into applications ranging from payroll systems to digital marketplaces.
Building The Economic Operating System For The Internet
Circle describes its long-term vision as creating an “economic operating system” for the internet, a platform designed to power seamless value exchange across borders and digital environments. The company argues that stablecoins, programmable payments, and open blockchain infrastructure will form the foundation of a new financial layer embedded directly into online services.
The concept extends beyond payments. Circle sees opportunities in enabling automated financial interactions driven by software and artificial intelligence, where money moves instantly in response to data and predefined conditions. In this framework, USDC functions as a neutral settlement asset, while Circle’s APIs and infrastructure provide the rails for developers and enterprises.
Such positioning places the firm at the intersection of fintech, crypto, and emerging AI-driven commerce, a convergence many analysts believe could reshape how digital economies operate over the next decade.
Market Momentum Reflects Broader Stablecoin Adoption
Circle’s performance also mirrors a wider industry trend: the normalization of stablecoins as mainstream financial tools. As regulatory clarity improves in several jurisdictions and institutional participation grows, stablecoins are increasingly viewed as bridges between traditional finance and blockchain ecosystems.
The rise in USDC circulation and transaction volume suggests that adoption is moving beyond speculative cycles toward real-world utility. Payment companies, fintech apps, and even traditional financial institutions are integrating stablecoin rails to improve efficiency and expand global reach.
This shift has significant implications for the competitive landscape. Companies able to combine regulatory compliance, deep liquidity, and developer-friendly infrastructure, areas where Circle has focused heavily, are likely to capture a disproportionate share of future growth.
Outlook Points To Continued Expansion In Digital Finance
Looking ahead, Circle’s leadership emphasizes that the company remains in an early stage of a much larger transition toward internet-native financial systems. Continued growth in USDC usage, expanding partnerships, and new product launches are expected to drive further revenue gains, even as macro conditions and interest rate dynamics influence reserve income.
The firm’s strategy centers on scaling its platform while deepening integration across payments, capital markets, and emerging digital services. If current adoption trends persist, Circle could play a pivotal role in shaping how value moves across the internet, from everyday consumer transactions to automated financial workflows powered by software agents.
In the near term, investors will likely watch three key indicators: USDC supply growth, transaction volume trends, and the company’s path back to full-year profitability after IPO-related costs fade. Together, these metrics will signal whether Circle can sustain its rapid expansion while solidifying its position as a core infrastructure provider in the evolving digital economy.
For now, the latest results paint a clear picture: stablecoins are moving deeper into the financial mainstream, and Circle is positioning itself at the center of that transformation.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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