Stablecoin issuer Circle reported sharp revenue and user growth in its latest fiscal year. The company generated $2.7 billion in FY25 revenue, a 64% increase, driven by expanding global adoption of its USDC stablecoin. USDC in circulation rose 72% year-over-year to $75.3 billion, while quarterly on-chain transaction volume surged 247% to $11.9 trillion.
Circle posted a 77% increase in fourth-quarter revenue and reserve income, reaching $770 million compared to the same period last year. Net income from continuing operations for the quarter rose to $133 million.
For the full fiscal year 2025, the company recorded a net loss of $70 million, compared to net income of $157 million in FY24. This loss was primarily driven by $424 million in stock-based compensation tied to its initial public offering.
Circle’s co-founder and CEO, Jeremy Allaire, said, “USDC adoption continued to expand globally as more enterprises, developers, and public institutions integrated digital dollars into real-world payments, treasury, and onchain financial workflows.” He noted strong engagement across the company’s platform and growing momentum for its euro and yen-pegged stablecoins.
Regarding infrastructure, Circle’s Arc public testnet launched with over 100 participants from banking and technology sectors. The company stated that Arc remains on track for a mainnet launch this year.
Circle’s Payments Network expanded to 55 enrolled financial institutions, reporting $5.7 billion in annualized transaction volume. The company also cited partnerships with Visa and Intuit, and confirmed conditional approval to establish a national trust bank.
