Circle Internet Group— issuer of the second-largest stablecoin USDC by market capitalization behind Tether’s USDT— posted its Q4 and full-year earnings on Wednesday, showing robust growth and sparking an upbeat response in the stock market.
Source: Google Finance
Shares of the firm rose by more than 30% in trading hours, with the stock trading at $80.25. While the bump in price is considerable, the stock remains down by roughly 25% since its IPO last year.
Source: Google Finance
Circulating USDC by year end was estimated at $75.3 billion, with on-chain transaction volume of $11.9 trillion. The increase in circulating USDC is relatively small compared to Circle’s Q3 result of $73.7 billion, but still a huge jump of 72% on a year-on-year basis.
Total revenue and net income for the quarter were $770 million and $133 million, respectively. Annual revenue was $2.7 billion, and while year-over-year growth has been impressive, the company still disclosed an annual net loss from operations of $70 million in 2025, owing to an increase in expenses from stock-based compensation, a factor that pushed Q4 operating expenses upto $254 million as well
“The fourth quarter marked another step forward in Circle’s mission to build the infrastructure for an open, programmable internet financial system,” said Circle’s CEO, Jeremy Allaire.
“USDC adoption continued to expand globally as more enterprises, developers, and public institutions integrated digital dollars into real-world payments, treasury, and on-chain financial workflows,” he also said.
“We saw strong engagement across our platform, meaningful progress toward launching Arc mainnet, continued growth in CPN TPV, and growing momentum for EURC and USYC. With increasing collaboration across traditional finance, fintech, and the public sector, Circle is helping build the infrastructure for a more open and resilient global financial system.”
The Arc Public Testnet—an experimental layer-1 blockchain launched by the issuer to help developers and crypto firms create their own stablecoin applications—was adopted by more than 100 companies and organizations in traditional and non-traditional financial sectors such as banking, digital assets, and others. Total transactions were estimated at 166 million since its launch.
At the time of writing, the company had a market capitalization of $14.45 billion, according to Yahoo Finance.
Other notable milestones for the company include triple-digit q-o-q growth for its EURC and USYC assets; planned adoption of USDC or partnerships with Visa, Intuit, Polymarket, and the government of Bermuda; and approval from the OCC to create a national trust bank.