Stablecoin issuer Circle announced stronger-than-expected fourth-quarter earnings, fueled by significant growth in its USDC stablecoin and expanding payments operations. For the quarter ending December 31, 2025, Circle posted revenue of $770 million, a 77% increase year-over-year, and net income of $133.4 million, or 43 cents per share. This significantly surpassed analyst expectations of 16 cents per share and $747 million in revenue.
The company's US dollar-pegged stablecoin, USDC, saw its circulation increase by 72% year-on-year, reaching approximately $75.3 billion by year-end. For the full year 2025, Circle reported revenue of $2.7 billion, up 64% from the prior year, with a positive operating income of about $157 million.
Circle's shares responded positively, surging over 20% in early trading following the earnings announcement.
The company also highlighted operational advancements, including the public testnet launch of Arc, its new blockchain infrastructure platform for tokenized financial applications, which has attracted over 100 institutional participants. The Circle Payments Network, a cross-border payment layer enabling stablecoin settlements, expanded to 55 financial institutions.
Growth was also evident in Circle's euro-denominated stablecoin, EURC, with circulation up 284% year-over-year to 310 million euros. The company has also benefited from a more favorable regulatory environment in the U.S., including the passage of the GENIUS Act, which establishes a federal framework for payment stablecoins.