Stablecoin issuer Circle closed fiscal year 2025 with record-breaking financial results, driven by surging USDC adoption and expanding institutional demand for digital dollar infrastructure.
USDC in circulation reached $75.3 billion by year-end, reflecting 72% annual growth, while on-chain transaction volume soared 247% to $11.9 trillion in the fourth quarter alone. The figures underscore accelerating mainstream integration of dollar-backed stablecoins across payments, treasury, and decentralized finance.
For Q4 2025, Circle posted $770 million in total revenue and reserve income, a 77% year-over-year increase. Net income from continuing operations reached $133 million, while adjusted EBITDA surged 412% to $167 million, signaling improving operational leverage as the business scales.
Full-year revenue climbed 64% to $2.7 billion, though the company reported a net loss of $70 million, compared to $157 million in net income the prior year. The reversal was largely attributed to $424 million in stock-based compensation expenses tied to vesting conditions linked to Circle's IPO process.
CEO Jeremy Allaire noted that USDC continued gaining traction among enterprises, developers, and public institutions integrating digital dollars into real-world financial workflows.
On the infrastructure front, Circle's Arc public testnet targeting the banking, capital markets, and payments sectors logged over 166 million transactions since launch, with half-second finality and near-perfect uptime. A mainnet launch is expected later this year.
Circle's Payments Network grew to 55 enrolled financial institutions, with 74 additional under review, generating $5.7 billion in annualized transaction volume. The company also secured conditional OCC approval to charter a national trust bank, a significant regulatory milestone as the stablecoin industry matures.
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