On February 25, 2026, Circle Internet Financial announced its fourth-quarter results for the 2025 fiscal year, revealing a staggering 770 million dollars in total revenue and reserve income. This performance represents a 77% year-over-year increase, significantly outperforming Wall Street’s average estimates and driving the company’s stock price up by over 15% in premarket trading. The surge in revenue was primarily fueled by income from the firm’s massive reserves of cash and short-duration U.S. Treasuries, which benefited from both elevated interest rates and a rapid expansion in the circulation of its primary stablecoin, USDC. By the end of the quarter, USDC’s circulating supply reached 75.3 billion dollars, reflecting a 72% increase from the previous year. This growth highlights a robust demand for regulated, dollar-pegged digital assets, particularly as the “GENIUS Act” continues to establish a clear federal framework for stablecoin issuers in the United States. Furthermore, Circle reported a net income of 133 million dollars for the quarter, underscoring the high operational efficiency of its global “world computer” financial infrastructure.

Scaling On-Chain Utility and Strategic Banking Integrations in 2026

The record-breaking Q4 results were further bolstered by a massive 247% increase in on-chain transaction volume, which reached 11.9 trillion dollars during the final three months of the year. Circle’s strategic partnerships with legacy payment giants like Visa and its preliminary approval for a national trust bank charter have been instrumental in bridging the gap between traditional finance and the digital asset economy. CEO Jeremy Allaire noted that USDC now accounts for nearly 50% of the total stablecoin transaction share, as businesses increasingly utilize the token for high-frequency settlement and B2B cross-border trade. The company’s “Arc” public testnet, which features near-instant transaction finality and 100% uptime, has also seen rapid adoption from over 100 participants across the banking and capital markets sectors. This deepening integration into the global financial stack is expected to drive sustained organic growth, as Circle positions itself as the primary commerce-centric stablecoin for the “agentic” economy of 2026.

Navigating IPO-Related Expenses and Future Multi-Year Guidance

Despite the strong operational performance, Circle reported a net loss for the full 2025 fiscal year, largely due to 424 million dollars in stock-based compensation expenses related to its initial public offering (IPO). However, analysts at William Blair and JP Morgan have maintained their “Outperform” and “Overweight” ratings, focusing instead on the company’s impressive 412% year-over-year growth in adjusted EBITDA, which hit 167 million dollars in the fourth quarter. Looking ahead to the 2026 fiscal year, Circle has issued ambitious guidance, targeting a 40% compound annual growth rate for USDC circulation and a revenue range of 150 million to 170 million dollars for its “other revenue” category. As the firm continues to expand its “Circle Payments Network” (CPN) and prepare for the full-scale launch of the Arc mainnet, its 770-million-dollar revenue achievement sets a new benchmark for financial performance in the fintech and digital asset space. For the 2026 market, Circle’s success serves as a definitive validation of the stablecoin model’s role as the indispensable “native currency” of the modern internet.