Circle's 2025 Fiscal Year Highlights
According to newly released financial data, Circle achieved remarkable growth in its 2025 fiscal year. Total revenue reached $2.7 billion, representing a year-over-year increase of 64%. This growth was driven by the continuous expansion of its core business and strong market demand for stablecoins.
Rise in USDC Circulation and Transaction Volume
As of the end of 2025, the circulation of USDC reached $75.3 billion, a year-over-year increase of 72%. This reflects widespread market recognition of USDC as a stable and reliable digital asset.
Additionally, USDC on-chain transaction volume reached $11.9 trillion in the fourth quarter of 2025, surging by 247% compared to the same period last year. This significant growth highlights the increasing importance of USDC within the digital asset ecosystem.
Analysis of Net Loss from Ongoing Operations
Despite the impressive revenue performance, Circle reported a net loss of $70 million from ongoing operations. The company attributed this loss to $424 million in expenses related to equity incentives tied to its initial public offering (IPO). In contrast, Circle achieved a net profit of $157 million in the 2024 fiscal year.
Progress in Partnerships and Technological Innovation
Circle has also made significant strides in business expansion. Its Circle Payments Network (CPN) has attracted 55 financial institutions to register, with an additional 74 undergoing qualification review.
Furthermore, the Arc public testnet has officially launched, drawing participation from over 100 entities. This milestone marks a solid step forward in Circle's efforts to advance financial technology innovation and ecosystem development.