Circle has reported a $2.7 billion annual revenue for 2025, reflecting strong growth in USDC and other products, despite a net loss due to IPO expenses.
Circle has unveiled its financial results for the year 2025, reporting a total revenue of $2.7 billion, reflecting a significant 64% increase from the previous period. The company's stock soared by 26% following the announcement.
In the fourth quarter alone, Circle achieved $770 million in revenue, marking a 77% rise compared to the same quarter in 2024. Reserve income was the primary driver of this growth, contributing $733 million. The net income for operations during this period surged to $133 million, or $0.43 per share, a notable increase from just $4 million a year earlier, surpassing analysts' expectations of $0.16 per share on revenue of $747 million.
As of the end of 2025, the circulation of USDC reached $75.3 billion, a 72% year-over-year growth. The average annual circulation of USDC doubled to $76.2 billion, with its market capitalization exceeding $75 billion.
“The adoption of USDC continues to gain momentum globally,” stated Circle CEO Jeremy Allaire, highlighting the increasing use of digital dollars in various sectors.
Despite the impressive revenue figures, Circle reported a net loss of $70 million, primarily due to $424 million in stock-based compensation expenses related to its IPO. However, the operating profit remained strong at approximately $157 million.
Additionally, Circle is seeing growth in other products, with its euro-pegged stablecoin, EURC, reaching €310 million in circulation, a 284% increase year-over-year. The recently launched tokenized money market fund, USYC, has amassed $1.5 billion.
Circle's Arc testnet has also demonstrated promising results, with over 100 participants and processing more than 166 million transactions with nearly 100% uptime. The company is planning a mainnet launch this year.
Furthermore, the Circle Payments Network has integrated 55 financial institutions, with an additional 74 under review, facilitating an annual transaction volume of $5.7 billion.
Circle is also expanding its strategic partnerships, notably with Visa for continuous settlements and with Intuit for infrastructure integration. In contrast, Tether International, Circle's main competitor, reported a net profit exceeding $10 billion for the same year.
