Circle Internet Group (NYSE: CRLC) shares jumped nearly 30% on Wednesday after the company reported fourth-quarter 2025 results that beat Wall Street expectations, driven by expanding USDC circulation and higher reserve income. The stock traded around $79.13 in afternoon action, up 29.2% over the prior 24 hours.
Earnings Beat on USDC Expansion
For Q4 2025, Circle posted earnings of $0.43 per share, surpassing the consensus estimate of $0.16. Total revenue and reserve income rose 77% year over year to $770 million, ahead of expectations of $747.4 million.
- USDC in circulation reached $75.3 billion by year-end 2025, up 72% year over year.
- On-chain USDC transaction volume totaled $11.9 trillion in Q4, a 247% increase from the prior-year quarter.
- Net income from continuing operations was $133 million, improving by $129 million from a year earlier.
- Adjusted EBITDA came in at $167 million for the quarter, up 412% year over year.
USDC is a dollar-pegged stablecoin issued by Circle and used widely across crypto markets for payments, trading, and treasury operations. Reserve income reflects interest earned on cash and short-term U.S. Treasury assets that back the stablecoin.
Full-Year 2025 Results
For the full fiscal year, Circle reported $2.7 billion in total revenue and reserve income, a 64% increase from 2024. The company recorded a net loss from continuing operations of $70 million, primarily due to $424 million in stock-based compensation tied to vesting conditions triggered by its 2025 initial public offering. By comparison, Circle posted $157 million in net income from continuing operations in 2024. Full-year adjusted EBITDA rose 104% to $582 million.
Management Commentary and Strategy
Co-founder and CEO Jeremy Allaire called the quarter a milestone in advancing Circle’s long-term strategy to build infrastructure for an open, programmable, internet-based financial system. He said USDC adoption continues to grow among enterprises, developers, and public institutions for payments, treasury management, and on-chain financial operations.
Allaire also highlighted progress toward launching the Arc mainnet, rising transaction activity across Circle’s CPN network, and increasing traction for the euro-backed stablecoin EURC and the tokenized U.S. Treasury product USYC.
Stock Performance
Circle, which listed on the New York Stock Exchange in June 2025, has experienced substantial volatility since its debut. While Wednesday’s rally lifted shares near $79, the stock remains about 73% below its all-time high of $299 set weeks after listing.
Circle’s results underscore how stablecoin growth and interest income continue to be key drivers for the company as it expands product lines and on-chain financial infrastructure.