Circle Internet (CRCL) Stock Just Had One of Its Best Days Ever – Here’s Why

TLDR

• Circle Internet Group (CRCL) stock surged 35.47% after Q4 2025 earnings beat expectations on both revenue and EPS.
• Q4 revenue hit $770 million, up 77% year-over-year, with adjusted EBITDA up 412%.
• USDC circulation reached $75.3 billion, a 72% increase, with on-chain transaction volume surging 247%.
• William Blair reiterated an Outperform rating, citing USDC’s potential in the ~$20 trillion cross-border B2B market.
• Circle Payments Network now has 55 financial institutions enrolled, up from 29.

Circle Internet Group (NYSE: CRCL) had a big Wednesday.

The stock closed at $83.14, up 35.47% on the day, after the company reported fourth-quarter results that topped both revenue and earnings expectations.

Circle Internet Group, CRCL

Trading volume hit 61.4 million — roughly 407% above its three-month average of 12.1 million.

Q4 by the numbers: Revenue and reserve income came in at $770 million for the quarter, a 77% jump year-over-year. Adjusted EBITDA grew 412%. EPS of $0.43 beat the forecasted $0.35 by nearly 23%.

For the full fiscal year 2025, revenue grew 64% to $2.7 billion. Circle did post a net loss of $70 million for the year, but that was largely driven by $424 million in stock-based compensation tied to IPO-related vesting.

USDC circulation ended the quarter at $75.3 billion, up 72% year-over-year. On-chain transaction volume hit $11.9 trillion in Q4, a 247% increase.

On-platform USDC — the portion held directly within Circle’s ecosystem — rose nearly sixfold, reaching roughly 17% of total circulation. That matters because on-platform balances carry higher margins.

EURC and the Circle Payments Network

It wasn’t just USDC driving the story. EURC circulation jumped 284% year-over-year to €310 million. USYC assets closed the year at $1.5 billion.

The Circle Payments Network grew from 29 to 55 enrolled financial institutions, with annualized transaction volume hitting $5.7 billion.

Enterprise partnerships are deepening too. Visa now lets U.S. issuers and acquirers settle in USDC. Intuit signed a multi-year integration deal. Circle also partnered with Polymarket and received conditional OCC approval to set up a national trust bank.

Arc Mainnet on the Horizon

Circle’s Arc public testnet crossed 166 million total transactions with near 100% uptime. The mainnet launch is still on track for later this year.

The company also rolled out a permissionless “Nanopayments” system — allowing gas-free USDC transfers as small as $0.000001.

CEO Jeremy Allaire framed the quarter as progress toward building an open, programmable financial system. Circle currently holds a 28% stablecoin market share and counts 6.8 million meaningful wallets.

Coinbase Global (COIN) also benefited from the positive sentiment, closing up 13.52% at $183.94 on the same day.

William Blair reiterated its Outperform rating on CRCL, encouraging long-term investors to build positions. The firm sees USDC becoming the dominant commerce-centric stablecoin, backed by 100% fiat reserves, compliance infrastructure, and first-mover network effects.

Analysts are forecasting 62% revenue growth for Circle in the current year.

Circle IPO’d in 2025 and has now gained 168% since going public. The stock carries a market cap of approximately $20 billion.

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