Key Highlights
- Fourth-quarter revenue reached $770 million for Circle, representing a 77% year-over-year surge and surpassing analyst projections of $747.4 million.
- The company delivered earnings per share of $0.43, significantly exceeding the $0.16 consensus estimate from Wall Street.
- USDC stablecoin circulation expanded 72% annually to reach $75.3 billion during the quarter.
- The company’s adjusted EBITDA reached $167 million, marking a substantial 412% jump compared to the prior year period.
- Shares of CRCL climbed 13% during Wednesday’s premarket session, 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 hours.
The stablecoin issuer announced quarterly earnings of $0.43 per share, substantially beating Wall Street’s projected $0.16 based on FactSet data.
Revenue including reserve income totaled $770 million, representing a 77% year-over-year increase. This performance exceeded the analyst consensus target of $747.4 million.
The circulation of USDC stablecoin expanded 72% compared to the same quarter last year, hitting $75.3 billion. This growth directly contributed to reserve income of $733 million throughout the period.
Circle’s revenue model operates on a simple premise: the company mints USDC tokens, places the corresponding cash reserves into conservative investments such as U.S. Treasury securities, and retains the interest earned. Increased circulation translates to larger reserves and higher income generation.
The company’s adjusted EBITDA for the quarter totaled $167 million, representing a remarkable 412% increase versus the year-ago period. These figures demonstrate significant operational leverage.
Chief Executive Jeremy Allaire highlighted growing worldwide acceptance as a primary catalyst. “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 signed into law previously, established federal guidelines for dollar-backed stablecoins. This legislation has enhanced sector credibility and facilitated broader institutional adoption.
International regulatory bodies have similarly implemented oversight structures, generally benefiting established market participants like Circle.
Throughout the fourth quarter, Circle secured preliminary authorization to pursue a national trust bank charter. This development could strengthen USDC’s integration within conventional banking systems.
Share Price Performance
While Wednesday’s premarket rally provided a boost, CRCL has experienced challenges since going public. The company completed its NYSE listing last June and achieved an all-time peak of $263.45 on June 23, 2025.
From that high point, shares have declined approximately 77%. Prior to Wednesday’s session, CRCL had already fallen 23% year-to-date.
The fourth-quarter performance offers encouraging news, though the stock remains significantly below previous highs.
Reserve income from USDC backing continues serving as Circle’s primary revenue generator. Maintaining or expanding USDC circulation ensures this income flow persists.
USDC maintains a 1:1 peg with the U.S. dollar, supported by cash holdings and short-duration U.S. Treasury securities. Its market value remains stable at approximately $1 through this structure.
The 72% annual increase in circulation provides the strongest indicator of current business momentum.
Shares closed at approximately $61.38 on Tuesday before jumping to $69.36 during Wednesday’s premarket trading.
