Shares of Circle Internet Group (CRLC) climbed nearly 30% during Wednesday’s trading session after the company delivered fourth-quarter (Q4) 2025 results that comfortably exceeded Wall Street expectations.
The strong earnings report, driven largely by growth in its USDC stablecoin and higher reserve income, pushed the stock to around $79.13 at the time of writing, marking a 29.2% gain over the past 24 hours.
Circle Earnings Soar On USDC Expansion
For the fourth quarter, Circle reported earnings of $0.43 per share, sharply ahead of the $0.16 per share analysts had projected. Total revenue and reserve income reached $770 million, representing a 77% increase compared with the same period a year earlier and surpassing consensus estimates of $747.4 million.
Growth in USDC circulation and transaction activity played a central role in the company’s performance. By the end of 2025, USDC in circulation had risen to $75.3 billion, a 72% year-over-year (YoY) increase.
On-chain transaction volume involving USDC reached $11.9 trillion in the fourth quarter alone, up 247% from the prior year’s quarter. Net income from continuing operations totaled $133 million in Q4, an improvement of $129 million compared with the previous year. Adjusted EBITDA for the quarter came in at $167 million, up 412% YoY.
Looking at the full fiscal year, Circle generated $2.7 billion in total revenue and reserve income in 2025, a 64% increase compared with 2024. Despite that top-line growth, the company posted a net loss from continuing operations of $70 million for the year.
That figure was significantly affected by $424 million in stock-based compensation expenses tied to vesting conditions triggered by its 2025 initial public offering (IPO).
By comparison, Circle had recorded net income of $157 million from continuing operations in 2024. On an adjusted basis, EBITDA for the full year rose 104% to $582 million.
CEO’s Long-Term Vision
Jeremy Allaire, Circle’s co-founder, CEO, and chairman, described the quarter as another milestone in the company’s long-term strategy. He said the results reflect continued progress in building infrastructure for what he called an open and programmable internet-based financial system.
According to Allaire, USDC adoption has expanded across enterprises, developers, and public institutions, with digital dollars increasingly used for payments, treasury management, and on-chain financial operations.
The executive also pointed to advancements toward launching the Arc mainnet, rising transaction volume across Circle’s CPN network, and growing traction for the company’s euro-backed stablecoin EURC and tokenized treasury product USYC.
Circle, which went public on the New York Stock Exchange (NYSE) in June last year, has experienced significant volatility since its debut. Although the latest rally lifted shares close to $79, the stock remains roughly 73% below its all-time high of $299, reached just weeks after its market debut.
Featured image from DALL-E, chart from TradingView.com
