Circle Reports Fourth Quarter and Full Fiscal Year 2025 Financial Results

Stablecoin adoption continues to expand globally as more enterprises, developers, and public institutions integrate digital dollars into real-world payments, treasury, and onchain financial workflows.

Published on Feb. 25, 2026

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Circle Internet Group, Inc. (NYSE: CRCL) today announced results for the fourth quarter and full fiscal year 2025. Fourth quarter highlights include USDC in circulation of $75.3 billion at year end, up 72%, and USDC onchain transaction volume in Q4'25 of $11.9 trillion, up 247%. Total revenue and reserve income in Q4'25 of $770 million grew 77%, and net income from continuing operations in Q4'25 of $133 million increased $129 million. For the full year, total revenue and reserve income in FY25 of $2.7 billion grew 64%, and adjusted EBITDA in FY25 of $582 million grew 104%.

Why it matters

Circle's continued growth and adoption of its stablecoin USDC demonstrates the increasing mainstream acceptance and use of digital assets in real-world financial applications. As more enterprises, developers, and public institutions integrate USDC, it highlights the potential for programmable blockchain infrastructure and digital currencies to transform traditional finance and payments.

The details

Key highlights for the quarter and full year include: USDC in circulation of $75.3 billion at year end, up 72%; USDC onchain transaction volume in Q4'25 of $11.9 trillion, up 247%; total revenue and reserve income in Q4'25 of $770 million, up 77%; net income from continuing operations in Q4'25 of $133 million, up $129 million; and adjusted EBITDA in FY25 of $582 million, up 104%. Circle also saw strong performance of its Arc blockchain testnet and continued growth of its Circle Payments Network.

  • USDC in circulation of $75.3 billion at year end (December 31, 2025)
  • USDC onchain transaction volume in Q4'25 of $11.9 trillion
  • Total revenue and reserve income in Q4'25 of $770 million
  • Net income from continuing operations in Q4'25 of $133 million
  • Adjusted EBITDA in FY25 of $582 million

The players

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What they’re saying

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

— Jeremy Allaire, Co-Founder, Chief Executive Officer, and Chairman

What’s next

Circle remains on track for the mainnet launch of its Arc blockchain this year.

The takeaway

Circle's continued growth and adoption of USDC demonstrates the increasing mainstream acceptance of digital assets and the potential for programmable blockchain infrastructure to transform traditional finance and payments.