Key Takeaways
- Circle Internet Group (CRCL) shares skyrocketed 35.47% following strong Q4 2025 results that exceeded analyst estimates for both top and bottom lines.
- Fourth-quarter revenue reached $770 million, representing a 77% year-over-year increase, while adjusted EBITDA jumped 412%.
- USDC stablecoin circulation climbed to $75.3 billion, marking a 72% annual growth rate, with on-chain transaction volume exploding 247%.
- William Blair maintained its Outperform rating, highlighting USDC’s opportunity in the approximately $20 trillion global cross-border B2B payments market.
- The Circle Payments Network expanded to 55 participating financial institutions, nearly doubling from 29 previously.
Circle Internet Group (NYSE: CRCL) experienced a remarkable trading session on Wednesday.
Shares finished the day at $83.14, representing a 35.47% gain, following the release of fourth-quarter financial results that exceeded Wall Street’s revenue and earnings projections.
The stock saw trading volume reach 61.4 million shares — approximately 407% higher than its three-month daily average of 12.1 million.
Breaking down Q4 performance: The company generated $770 million in revenue and reserve income during the quarter, marking a 77% increase compared to the prior-year period. Adjusted EBITDA surged 412%. Earnings per share came in at $0.43, exceeding analyst consensus of $0.35 by nearly 23%.
Looking at the complete fiscal 2025 picture, revenue expanded 64% to $2.7 billion. While Circle recorded a net loss of $70 million for the year, this figure was primarily attributed to $424 million in stock-based compensation expenses related to IPO-tied equity vesting.
USDC stablecoin circulation concluded the quarter at $75.3 billion, up 72% from the same period last year. On-chain transaction volume reached $11.9 trillion during Q4, representing a 247% surge.
On-platform USDC holdings — the amount stored directly within Circle’s infrastructure — increased nearly sixfold, now accounting for approximately 17% of total circulation. This metric is significant because on-platform balances generate higher profit margins.
EURC Growth and Payment Network Expansion
USDC wasn’t the only growth driver in the quarter. EURC circulation skyrocketed 284% year-over-year to €310 million. USYC assets finished the year at $1.5 billion.
The Circle Payments Network expanded from 29 to 55 participating financial institutions, with annualized transaction volume reaching $5.7 billion.
Strategic enterprise collaborations continue to expand. Visa now enables U.S. issuers and acquirers to settle transactions in USDC. Intuit executed a multi-year integration agreement. Circle also established partnerships with Polymarket and secured conditional OCC authorization to establish a national trust bank.
Arc Mainnet Launch Approaching
Circle’s Arc public testnet has processed over 166 million total transactions while maintaining near 100% uptime. The mainnet deployment remains scheduled for later this year.
The company also introduced a permissionless “Nanopayments” infrastructure — enabling gas-free USDC transactions as small as $0.000001.
CEO Jeremy Allaire characterized the quarter as significant progress toward creating an open, programmable financial ecosystem. Circle currently maintains a 28% share of the stablecoin market and serves 6.8 million active wallets.
Coinbase Global (COIN) also enjoyed positive momentum from the sector enthusiasm, finishing up 13.52% at $183.94 during the same session.
William Blair reaffirmed its Outperform rating on CRCL, recommending long-term investors consider building positions. The firm believes USDC is positioned to become the leading commerce-focused stablecoin, supported by 100% fiat reserve backing, robust compliance frameworks, and established network advantages.
Wall Street analysts are projecting 62% revenue growth for Circle in the current fiscal year.
Circle completed its IPO in 2025 and has now appreciated 168% since its public debut. The company currently trades at a market capitalization of roughly $20 billion.
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