Circle Crushes Q4 Estimates as USDC Hits $75B in Circulation
Stablecoin giant Circle posted $770M in Q4 revenue, beating estimates while USDC grew 72% year-over-year.
Circle just dropped a monster quarter. The company behind USDC, the world's second-largest stablecoin, reported Q4 revenue of $770 million — a 77% jump year-over-year that topped the $747 million analyst estimate. Net income came in at $133.4 million.
The bigger story: USDC ended 2025 with roughly $75 billion in circulation, up 72% compared to the prior year. That growth came even as bitcoin and other digital assets cratered in late 2025.
While much of crypto was getting hammered, Circle's stablecoin business kept expanding. The divergence highlights how stablecoins are increasingly operating on their own trajectory — less tied to the speculative swings that define the broader crypto market.
For Circle, which has been eyeing a public listing, the numbers make a strong case for the business model.