Circle Posts $2.747 Billion in 2025 Revenue and Reserve Income
USDC circulation reached $75.3 billion at year-end, up 72% from a year earlier, while revenue less distribution costs reached $1.083 billion.
Circle posted $2.747 billion in total revenue and reserve income for 2025, up 64% from a year earlier, as USD Coin (USDC) circulation reached $75.3 billion at year-end.
Revenue less distribution costs reached $1.083 billion, producing a 39% margin. Adjusted EBITDA rose 104% to $582 million, while the company recorded a $70 million net loss from continuing operations.
USDC circulation increased 72% from a year earlier to $75.3 billion. Average USDC circulation reached $64.9 billion for the year, up 95%.
Fourth-quarter revenue and reserve income totaled $770 million, up 77% year over year. Revenue less distribution costs reached $309 million, while the related margin was 40%.
Fourth-quarter distribution, transaction and other costs totaled $461 million, up 52% from the same period in 2024. Reserve income reached $733 million, increasing 69% year over year.
USDC onchain transaction volume reached $11.9 trillion in the fourth quarter, up 247% from a year earlier. Circle’s Arc public testnet had more than 100 participants, while the Circle Payments Network had 55 financial institutions enrolled and 74 undergoing eligibility reviews as of Feb. 20, 2026.
Circle announced the results on Feb. 25, 2026, and scheduled an earnings call for 8 a.m. ET (13:00 UTC) that day.
