Circle, the issuer of USD Coin (USDC), said that fourth-quarter 2025 results showed a sharp rise in USDC circulation and on-chain activity, with corresponding improvements in revenue and core profitability. As of December 31, 2025, USDC supply stood at $75.3 billion, up 72% year over year. In the same period, on-chain transaction value reached $11.9 trillion for the fourth quarter, up 247%. USDC is one of the leading dollar stablecoins by market capitalization, and its growing use spans exchange liquidity, enterprise payments, and on-chain finance.
Circle reported that total revenue and reserve income for Q4 2025 rose to $770 million, up 77% from a year earlier. Continuing operations posted net income of $133 million, up by $129 million from the previous year. Adjusted EBITDA rose to $167 million, up 412%. However, the annual net loss amounted to $70 million, reflecting stock-based compensation of $424 million tied to vesting during the IPO, a point Allaire noted as part of the transition toward broader USDC adoption across real-world payments and on-chain workflows.
ARC’s public testnet has shown near-100% uptime as of February 20, 2026, with finality around 0.5 seconds and an average of 2.3 million transactions per day over the past 30 days. Cumulative transactions have surpassed 166 million since launch, and Circle expects mainnet deployment on schedule this year. Circle Payments Network has onboarded 55 financial institutions, with 74 more in eligibility review, and its 30-day activity translates to an annualized transaction value of about $5.7 billion; partnerships include Visa, Intuit, the Government of Bermuda, and Polymarket, while the OCC has granted conditional approval to establish a National Trust Bank. Market observers view these metrics as evidence of rising USDC circulation, higher transaction frequency, and tangible use cases, signaling a shift toward stablecoins serving as payment and settlement infrastructure rather than mere reserve assets.
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