TLDR
- Circle Internet Group (CRCL) shares rocketed 35.47% following a fourth-quarter earnings report that exceeded analyst projections.
- Fourth-quarter revenue reached $770 million, representing a 77% year-over-year increase, while adjusted EBITDA climbed 412%.
- USDC stablecoin circulation grew to $75.3 billion, marking a 72% annual increase, with on-chain transaction activity surging 247%.
- William Blair maintained its Outperform rating, highlighting USDC’s opportunity in the approximately $20 trillion cross-border B2B payments sector.
- The Circle Payments Network expanded to 55 enrolled financial institutions from 29 previously.
Wednesday proved to be an exceptional trading session for Circle Internet Group (NYSE: CRCL).
Shares concluded the day at $83.14, posting a remarkable 35.47% gain after the stablecoin company unveiled fourth-quarter financial results that surpassed Wall Street estimates on both top and bottom lines.
The stock experienced heavy trading activity with 61.4 million shares changing hands — approximately 407% above the three-month daily average of 12.1 million.
Q4 financial highlights: The company generated $770 million in revenue and reserve income during the quarter, representing a 77% year-over-year acceleration. Adjusted EBITDA expanded by 412%. Earnings per share reached $0.43, crushing the consensus estimate of $0.35 by nearly 23%.
Looking at fiscal 2025 as a whole, revenue climbed 64% to $2.7 billion. The company recorded a net loss of $70 million for the year, though this figure was predominantly influenced by $424 million in stock-based compensation expenses associated with IPO-related equity vesting.
USDC circulation closed the quarter at $75.3 billion, reflecting 72% year-over-year expansion. On-chain transaction volume reached $11.9 trillion during Q4, marking a 247% surge.
On-platform USDC — representing the portion maintained directly within Circle’s proprietary ecosystem — increased nearly six times, comprising approximately 17% of total circulation. This metric is significant because on-platform holdings generate superior profit margins.
EURC and the Circle Payments Network
USDC wasn’t the only growth driver in the quarter. EURC circulation skyrocketed 284% year-over-year to €310 million. USYC assets concluded the year at $1.5 billion.
The Circle Payments Network expanded significantly, growing from 29 to 55 enrolled financial institutions, with annualized transaction volume reaching $5.7 billion.
Strategic enterprise collaborations are accelerating as well. Visa now enables U.S. issuers and acquirers to settle transactions in USDC. Intuit executed a multi-year integration agreement. Circle also forged a partnership with Polymarket and secured conditional OCC approval to establish a national trust bank.
Arc Mainnet on the Horizon
Circle’s Arc public testnet has processed over 166 million total transactions while maintaining near-perfect uptime. The mainnet deployment remains scheduled for later this year.
The company also introduced a permissionless “Nanopayments” infrastructure — enabling fee-free USDC transfers as small as one-millionth of a dollar.
CEO Jeremy Allaire characterized the quarter as meaningful progress toward constructing an open, programmable financial infrastructure. Circle currently commands a 28% share of the stablecoin market and serves 6.8 million meaningful wallets.
Coinbase Global (COIN) also enjoyed a boost from the bullish crypto sentiment, advancing 13.52% to close at $183.94 during the same session.
William Blair reaffirmed its Outperform rating on CRCL, advising long-term investors to accumulate positions. The investment firm views USDC as positioned to become the leading commerce-focused stablecoin, supported by full fiat backing, robust compliance frameworks, and entrenched network advantages.
Wall Street analysts project 62% revenue expansion for Circle in the current fiscal year.
Circle completed its IPO in 2025 and has delivered a 168% return since its public market debut. The company now trades at a market capitalization of roughly $20 billion.
