22:35 ▪
5
min read ▪ by
Cryptocurrencies are in the spotlight. And frankly, it smells like a mess. Coinbase in red, Binance denies leaks, Bitcoin plummets. The bad news keeps falling like dominoes. Amid this surrounding confusion, however, one company stands out. USDC issuer Circle has just released its results. And surprise: Wall Street was stunned. Huge profit, exploding circulation, record volumes. So how are they doing when everyone else is down?
In short
- Circle generated revenue of $770 million in Q4 2025, up 77% year over year.
- USDC in circulation reached $75.3 billion, a year-over-year increase of 72%.
- Transaction volume on the USDC chain jumped 247% to 11.9 trillion.
- USDC’s market share climbed to 28%, gaining 426 basis points from Tether.
770 million and hot stablecoins: Circle returns against the prevailing gloom
First, let’s set the scene. The crypto market is in bad shape: Bitcoin has lost half of its value since October, stock exchanges are suffering badly. Still, Circle comes with eye-opening characters. In Q4 2025, the company generated $770 million in revenue. This is 77% more than the previous year.
Net income came in at $133 million, with analysts expecting just 16 cents a share. Shares jumped 20% immediately after. How to explain such a performance in such a depressing context? Jeremy Allaire, CEO, offers a powerful idea: separation. According to him, the adoption of stablecoins is no longer tied to price speculation.
USDC adoption continues to expand globally as more companies, developers and public institutions integrate digital dollars into real-world payments, treasury and on-chain financial workflows.
Jeremy Allaire
Companies, institutions, governments now use these assets to transfer value, not trade. Evidence? USDC circulation rose 72% to $75.3 billion. And transaction volumes exploded 247% to 11.9 trillion. Unprecedented in years.
The Secret Circle Ecosystem: As Arc, Bermuda and Visa Prepare the World After
Second, behind these amazing figures is a well-oiled machine. Circle doesn’t just issue stablecoins. It is patiently building the infrastructure for tomorrow’s economy. Take Arc, its new institutional blockchain. It was launched on the testnet and has already processed 166 million transactions. The adventure features over 100 institutions, from banks to fintechs. Purpose of the transaction? 0.5 seconds. Enough to make competitors jealous.
The Circle Payments network itself is evolving. 55 financial institutions are already registered. The annual volume reaches 5.7 billion dollars. Jeremy Allaire sees further, much further:
We are entering a world where I believe there will be hundreds of billions of artificial intelligence agents interacting and performing economic functions on the Internet.
Translation: The circle paves the way for machines, not just humans. The case of Bermuda is fascinating to watch. The island’s government has announced its intention to become the nation’s first fully chained economy. Technical partner? A circle, of course.
A comprehensive laboratory for testing the massive adoption of stablecoins in the functioning of a sovereign state. Meanwhile, the contestants are watching a passing train.
Stablecoin war: how Circle nibbles Tether and leaves Coinbase in the lurch
Third, let’s watch the match unfold before our eyes. The stablecoin market is undergoing restructuring. Circle’s USDC is nibbling away at Tether, the historical leader. Its market share now stands at 28%, representing a year-on-year increase of 426 basis points. Institutions prefer a regulated, audited and transparent stablecoin. The era where Tether reigned supreme seems to be over.
Meanwhile, two destinies are unfolding simultaneously in Washington. The GENIUS Act, enacted in July 2025, provides a clear federal framework for stablecoins. Circle, which always fits, is the main natural recipient. On the contrary, the Clarity Act, which was supposed to structure the rest of the cryptocurrency market, is at a complete impasse. The main reason? Coinbase has pulled its support to protect its stablecoins.
The result: Circle moves forward within a clear framework while its competitors are mired in legal uncertainty.
Clear Street analysts sum up the situation: “This release confirms the continued adoption of USDC despite the softer crypto environment and should support a strong positive reaction in stocks.” While others grumble, Circle cashes in.
Dizzy figures in the Circle
- Quarterly revenue: $770 million, up 77% year over year;
- USDC in circulation: $75.3 billion, up 72% year-over-year;
- Transaction volume: $11.9 trillion, up 247% in Q4;
- Market shares: 28% for USDC, up 426 basis points;
- Arc testnet transactions: 166 million involving more than 100 institutions.
The crypto market is definitely experiencing a slowness that is rarely seen. Bitcoin and its peers look grim. But while some are depressed, others are rejoicing. Supported by steady utilitarian adoption, Stablecoin issuers are riding the wave. And tokenized real assets quietly continue to grow despite the general downturn. In short, crypto is dying in some places… but reborn elsewhere, in a different form.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The views, thoughts and opinions expressed in this article are solely those of the author and should not be taken as investment advice. Before making any investment decision, do your own research.
