Shares of Circle Internet Group (CRLC) surged nearly 30% on Wednesday after the company reported fourth-quarter results for 2025 that easily beat Wall Street forecasts. The strong performance, fueled by growth in its USDC stablecoin and higher reserve income, lifted the stock to around $79.13—a gain of 29.2% over the past day.
For the quarter, Circle posted earnings of $0.43 per share, well above the $0.16 analysts expected. Total revenue and reserve income hit $770 million, up 77% from a year earlier and exceeding estimates of $747.4 million.
The expansion of USDC was central to these results. By the end of 2025, the amount of USDC in circulation had grown to $75.3 billion, a 72% year-over-year increase. On-chain transaction volume involving USDC reached $11.9 trillion in the fourth quarter alone, soaring 247% from the same period last year.
Net income from continuing operations totaled $133 million for the quarter, a $129 million improvement year-over-year. Adjusted EBITDA came in at $167 million, up 412%.
For the full 2025 fiscal year, Circle generated $2.7 billion in total revenue and reserve income, a 64% increase from 2024. However, the company reported a net loss from continuing operations of $70 million, heavily influenced by $424 million in stock-based compensation expenses linked to vesting conditions triggered by its 2025 IPO. In 2024, Circle had recorded net income of $157 million from continuing operations. On an adjusted basis, full-year EBITDA rose 104% to $582 million.
Circle’s co-founder, CEO, and chairman Jeremy Allaire called the quarter another step forward in the company’s long-term plan to build infrastructure for an open, programmable internet-based financial system. He noted that USDC adoption is growing among enterprises, developers, and public institutions for uses like payments, treasury management, and on-chain finance.
Allaire also highlighted progress toward launching the Arc mainnet, increased transaction volume on Circle’s CPN network, and growing interest in its euro-backed stablecoin EURC and tokenized treasury product USYC.
Circle went public on the NYSE in June of last year and has seen considerable volatility since. Despite the recent rally, the stock remains about 73% below its all-time high of $299, reached just weeks after its debut.
Frequently Asked Questions
Of course Here is a list of FAQs about Circles Q4 earnings report designed to be clear concise and helpful for a range of audiences
Beginner General Questions
1 What exactly happened with Circle
Circle the company behind the USDC stablecoin reported its financial results for the fourth quarter Their revenue was higher than what financial analysts and investors were predicting This positive surprise caused the companys stock price to jump by about 30
2 What is a stablecoin and what is USDC
A stablecoin is a type of cryptocurrency designed to have a stable value usually pegged to a traditional currency like the US dollar USDC is Circles stablecoin For every 1 USDC in circulation Circle claims to hold 1 in reserve assets
3 Why does higher revenue make the stock price go up
Higher revenue suggests the company is growing attracting more customers and is fundamentally healthy Investors see this as a sign of future profitability and success making them more willing to buy the stock which increases its price due to higher demand
4 Where does Circles revenue come from
Circles primary revenue comes from the interest earned on the reserve assets that back the USDC stablecoin When interest rates are higher the income from these multibillion dollar reserves increases significantly
Intermediate Analytical Questions
5 What were the key figures that exceeded expectations
While the exact figures should be verified from the official earnings release the core surprise was total revenue and net income Analysts had a consensus estimate and Circles reported numbers came in substantially above that target The 30 stock jump is the markets reaction to that beat
6 What does this say about the demand for USDC and stablecoins
Strong revenue driven by interest income indicates that the total supply of USDC in circulation is large and stable or growing It suggests healthy usage in areas like trading remittances and as a digital dollar within the crypto ecosystem even amid competition
7 Is this growth sustainable or was it a onetime event
Sustainability depends on two main factors