On-chain news shows Circle’s Q4 2025 revenue rose 77% year-over-year to $770 million as USDC supply hit $75.3 billion. On-chain transaction volume surged 247% to $11.9 trillion. The firm launched its Arc public testnet with over 100 participants and received conditional approval from the US Office of the Comptroller of the Currency to form a national trust bank. USDC in circulation reached $75.3 billion at year-end, a 72% rise from a year earlier, while on-chain transactions reached $11.9 trillion in Q4.
Circle posted $770 million in total revenue and reserve income for the quarter ending December 31, 2025, a 77% increase from Q4 2024. Net income from continuing operations rose to $133 million, up $129 million year-over-year, while adjusted EBITDA jumped 412% to $167 million. For the full fiscal year 2025, Circle recorded revenue and reserve income of $2.7 billion, up 64% from 2024, though the company posted a net loss of $70 million for the year, compared to net income of $157 million in FY24. The loss was primarily driven by $424 million in stock-based compensation tied to vesting conditions triggered by the company’s initial public offering.
Commenting on the results, Circle co-founder and CEO, Jeremy Allaire, said, “USDC adoption continued to expand globally as more enterprises, developers, and public institutions integrated digital dollars into real-world payments, treasury, and onchain financial workflows.” We saw strong engagement across Circle’s platform, meaningful progress toward launching Arc mainnet, and growing momentum for EURC and USYC. As of February 20, 2026, the Arc public testnet launched with more than 100 participants across the banking, capital markets, digital assets, payments, and technology sectors. As of February 20, 2026, the testnet recorded nearly 100% uptime, half-second transaction finality, and a trailing 30-day daily average of 2.3 million transactions.
Circle’s Payments Network expanded to 55 enrolled financial institutions, with 74 under eligibility review, and reported $5.7 billion in annualized transaction volume based on trailing 30-day activity. The company cited partnerships with Visa, Intuit, the Government of Bermuda, and Polymarket, and confirmed conditional OCC approval to establish a national trust bank.
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