Key Highlights
- Fourth quarter revenue reached $770 million, marking a 77% year-over-year increase and surpassing analyst projections of $747.4 million.
- The company delivered earnings per share of $0.43, significantly exceeding the anticipated $0.16.
- USDC stablecoin circulation expanded 72% year-over-year, reaching $75.3 billion during the quarter.
- The firm’s adjusted EBITDA surged to $167 million, representing a 412% jump from the prior year.
- Shares of CRCL climbed 13% during premarket hours on Wednesday, reaching $69.36.
Circle Internet Group (CRCL) delivered impressive fourth-quarter financial results on Wednesday, propelling shares higher by 13% to $69.36 during premarket activity.
The stablecoin issuer reported quarterly earnings of $0.43 per share, substantially beating the Street’s projection of $0.16 per share, based on FactSet data.
Combined revenue and reserve income reached $770 million during the period, representing a 77% jump compared to the year-ago quarter. The figure exceeded analyst expectations of $747.4 million.
The company’s USDC stablecoin circulation expanded by 72% on a year-over-year basis to $75.3 billion throughout the quarter. This expansion fueled reserve income of $733 million during the three-month period.
Circle’s revenue model operates on a simple premise: the company mints USDC, allocates the collateral into conservative investments such as U.S. Treasury securities, and retains the interest earned. Increased circulation translates directly to larger reserves and higher income generation.
The firm’s adjusted EBITDA for the fourth quarter stood at $167 million, marking a remarkable 412% climb from the comparable period last year. This metric represents substantial operational efficiency gains.
CEO Jeremy Allaire attributed the performance to widening international acceptance. “More enterprises, developers, and public institutions integrated digital dollars into real world payments, treasury, and onchain financial workflows,” he stated.
Favorable Regulatory Environment
The GENIUS Act, which President Trump enacted into law last year, established a comprehensive federal structure for dollar-backed stablecoins. This legislation has contributed to sector legitimacy and expanded opportunities for institutional adoption.
International regulatory bodies have similarly advanced oversight frameworks, which has typically favored established players like Circle.
Throughout the fourth quarter, Circle obtained preliminary authorization to pursue a national trust bank charter. This development could further integrate USDC within conventional banking systems.
Share Performance Analysis
Notwithstanding Wednesday’s premarket rally, CRCL has experienced challenging conditions since going public. The company debuted on the NYSE last June and reached a record high of $263.45 on June 23, 2025.
From that peak, shares have declined approximately 77%. Prior to Wednesday’s session, CRCL had already fallen 23% year-to-date.
The fourth quarter outperformance provides some positive momentum, though the stock remains substantially below its historical highs.
Circle’s reserve income structure represents its primary revenue generator. Provided USDC circulation maintains current levels or expands further, this income channel should remain robust.
USDC maintains a 1:1 peg to the U.S. dollar with backing from cash holdings and short-duration U.S. Treasury instruments. Its market valuation remains anchored near $1 by structural design.
The 72% year-over-year expansion in circulation volume serves as the most compelling indicator of current business momentum.
Prior to Tuesday’s market close, CRCL traded at approximately $61.38 before advancing to $69.36 during Wednesday’s premarket session.
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