Shares of Circle Internet Group (CRLC) rose nearly 30% during Wednesday’s trading session after the company delivered fourth-quarter (Q4) 2025 results that easily beat Wall Street expectations.
The strong earnings report, largely driven by USDC stablecoin growth 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 Revenues Rise on USDC Expansion
For the fourth quarter, Circle reported Earnings per share amounted to $0.43, well above the $0.16 per share that analysts had predicted. Total revenues and reserves were $770 million, up 77% from the same period a year earlier and exceeding consensus estimates of $747.4 million.
The growth of 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, an increase of 72% year-on-year.
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Transaction volume in the chain involving USDC reached $11.9 trillion in the fourth quarter alone, up 247% from the previous year’s quarter. Net income from continuing operations was $133 million in the fourth quarter, an improvement of $129 million compared to the prior year. Adjusted EBITDA for the quarter came in at $167 million, up 412% year over year.
Looking at the full fiscal year, Circle generated $2.7 billion in total revenue and reserve income in 2025, an increase of 64% compared to 2024. Despite that revenue growth, the company posted a net loss from continuing operations of $70 million for the year.
That figure was significantly impacted by $424 million in stock-based compensation costs related to vesting conditions resulting from the 2025 crisis. initial public offering (IPO).
By comparison, Circle had posted net income from continuing operations of $157 million in 2024. On an adjusted basis, full year EBITDA increased 104% to $582 million.
The CEO’s long-term vision
Jeremy Allaire, co-founder, CEO and chairman of Circle, 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 among enterprises, developers and public institutions, with digital dollars increasingly used for payments, cash management and on-chain financial transactions.
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The executive also pointed to progress toward the launch of the Arc mainnet, rising transaction volume within Circle’s CPN network, and growing interest in the company’s euro-backed stablecoin EURC and tokenized treasury product USYC.
Circle, which went public on the New York Stock Exchange (NYSE) last June, has had significant fallout inconstancy since his debut. Although the latest rally took the stock close to $79, the stock remains roughly 73% below its all-time high of $299, which was reached just weeks after its market debut.
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