Circle Internet Group's fourth quarter revenue and EPS beat estimates, driven by 72% growth in USDC circulation.

Circle Internet Group reported fourth quarter 2025 revenue of $770 million and diluted EPS of $0.43, exceeding analyst estimates of $748.62 million and $0.15, respectively. The results were driven by significant growth in its stablecoin operations and reserve income.

Key Highlights

• USDC in circulation reached $75.3 billion at year-end, an increase of 72% year-over-year, though slightly below the $76.3 billion estimate.
• Fourth quarter onchain transaction volume for USDC grew 247% year-over-year to $11.9 trillion, indicating accelerating network adoption.
• Adjusted EBITDA for the quarter increased 412% year-over-year to $167 million, demonstrating significant operating leverage.