Circle's Stablecoin Revenue Surges 77% as USDC Hits $75B in Circulation

Stablecoin operator Circle reported a strong fourth quarter, with revenue growing 77% year-over-year to $770 million, exceeding analyst estimates of $747 million. The company also posted net income of $133.4 million for the quarter. These results come as Circle's USDC stablecoin reached approximately $75 billion in circulation by the end of 2025, representing a 72% increase from the previous year.

The growth in USDC circulation is particularly notable given the broader cryptocurrency market's struggles. While Bitcoin and other digital assets experienced significant volatility and price declines in late 2025, USDC continued to expand its market presence. This divergence suggests that stablecoins are increasingly being viewed as a more stable and practical form of digital currency, particularly for transactions and as a store of value during market turbulence.

Circle's performance reflects the growing institutional adoption of stablecoins. USDC has become a preferred choice for many businesses and financial institutions due to its transparency, regulatory compliance, and dollar backing. The stablecoin is used for cross-border payments, trading on cryptocurrency exchanges, and increasingly for decentralized finance (DeFi) applications.

However, the stablecoin sector faces ongoing regulatory scrutiny. The U.S. government has been considering various frameworks for regulating stablecoins, with concerns about their potential impact on monetary policy and financial stability. Circle has positioned itself as a compliant operator, working closely with regulators and maintaining regular attestations of its reserves.

Despite the strong quarterly results, Circle's stock performance has been mixed. The company went public through a SPAC merger in 2025, and like many fintech companies, has faced market volatility. The broader stablecoin market remains competitive, with Tether's USDT maintaining the largest market share, though Circle has been gaining ground.

The company's growth trajectory suggests that stablecoins are moving beyond their initial cryptocurrency trading use case and becoming integrated into mainstream financial infrastructure. As Circle continues to expand its product offerings and partnerships, the stablecoin sector appears poised for further growth, even as regulatory frameworks continue to evolve.

For more details, see the Wall Street Journal report and Circle's official announcement.