Circle earns US$770 million and projects strong growth in USDC.

• Circle reports record revenue driven by USDC growth.
• USDC reaches US$75 billion in global circulation.
• Company projects 40% annual growth in stablecoins.

Circle released robust financial results. for the fourth quarter of 2025, with total revenue and reserve gains totaling US$770 million. This represents a 77% growth compared to the same period of the previous year, driven primarily by the expansion of the USDC stablecoin.

By the end of the year, USDC circulation reached US$75,3 billion, a 72% increase year-over-year. The average volume in circulation during the quarter reached US$76,2 billion, reflecting greater adoption by companies, institutions, and financial platforms.

A large portion of the revenue came from income on the reserves backing the stablecoin, which totaled US$733 million during the period. Despite this, the rate of return on these reserves fell 68 basis points, settling at 3,8%.

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The company also reported net income of US$133 million from continuing operations in the quarter, a significant increase compared to the US$4 million recorded a year earlier. Adjusted EBITDA reached US$167 million, a growth of 412% on the same basis of comparison.

"The fourth quarter marked another step forward in Circle's mission to build the infrastructure for an open and programmable financial system on the internet."

CEO Jeremy Allaire stated.

"The adoption of USDC continued to expand globally as more businesses, developers, and public institutions integrated digital dollars into real-world on-chain payments, treasury, and financial workflows."

For the full year 2025, the company recorded a net loss of US$70 million, primarily impacted by US$424 million in stock-based compensation related to its initial public offering.

Even with this accounting effect, Circle presented an ambitious multi-year projection: a compound annual growth rate of 40% for the USDC in circulation. If this goal is maintained, the stablecoin's share could expand significantly within the market, currently led by Tether.

In addition to USDC, other products also showed growth. EURC ended the year with €310 million in circulation, a 284% increase compared to the previous year. Assets in USYC totaled US$1,5 billion, recovering over the quarters following the product's relaunch.

The company also highlighted the progress of the Arc public testnet, which brings together more than 100 participants from the banking and technology sectors. The network has already processed more than 166 million transactions, with completion times around half a second, and the mainnet launch is planned for 2026.

Strategic partnerships reinforce the expansion of infrastructure. Integration with Visa seeks to enable seamless settlements, while collaboration with Intuit expands the use of technology on corporate platforms.

Meanwhile, Circle Payments Network already has 55 participating institutions and dozens under evaluation, with an annualized volume of US$5,7 billion. The company also received conditional approval to establish a national trust bank, a move aimed at strengthening the regulatory framework of its stablecoin-based infrastructure.