Circle Crushes Q4 Estimates as USDC Circulation Hits $75 Billion and Shares Surge 19 Percent
Circle’s Q4 revenue jumped 77% to $770M as USDC circulation reached $75B. Onchain transaction volume tripled year over year to $11.9 trillion.
Circle just delivered one of the strongest quarterly reports in crypto-adjacent public company history. The USDC stablecoin issuer reported Q4 earnings per share of 43 cents — nearly three times the 16-cent consensus estimate — sending shares up 19% in pre-market trading on February 25.
Revenue Growth That Demands Attention
Circle’s fourth-quarter revenue jumped 77% year over year to $770 million, pushing full fiscal year 2025 revenue to $2.7 billion. For a company that went public just last year, these are numbers that rival some of the best SaaS growth stories on Wall Street.
The growth engine is clear: USDC issuance rose 72% over the course of the year, with stablecoin circulation exceeding $75 billion by year-end. USDC now commands a 28% share of the dollar-denominated stablecoin market, with 6.8 million wallets holding more than $10 worth — a 59% increase in user adoption.
Onchain Transaction Volume Is Exploding
The most eye-catching data point might be onchain transaction volume. In Q4 alone, USDC processed $11.9 trillion in onchain transactions — more than triple the level from the same quarter last year, representing a 247% increase. This is not speculative trading volume; it is increasingly driven by real business activity, cross-border payments, and programmatic treasury operations.
Institutional Partnerships Driving USDC Growth
Circle’s momentum is not happening in isolation. Major partnerships with Visa and Intuit are bringing USDC into mainstream payment rails, while the growing tokenized asset ecosystem is using USDC as its settlement layer of choice. The stablecoin is becoming what its backers always envisioned: programmable digital dollars with real utility.
Forward Guidance Signals Long-Term Confidence
Circle guided for a multi-year USDC circulation compound annual growth rate of roughly 40%, signaling management’s confidence that stablecoin adoption is still in its early innings. If that target holds, USDC circulation could approach $200 billion within three years.
For investors looking beyond recent market volatility, Circle’s earnings make a compelling case that stablecoins are the crypto sector’s most reliable growth story.
Sources: CoinDesk, February 25, 2026; CryptoTimes, February 25, 2026; The Block, February 2026; Crypto Briefing, February 2026