Circle’s Q4 2025 earnings reached $0.43 per share, far surpassing the $0.16 analyst projection, with total revenue and reserve income climbing 77% year-over-year to $770 million. The surge was driven by USDC circulation rising 72% to $75.3 billion and a 247% increase in quarterly on-chain transaction volume to $11.9 trillion. Net income from continuing operations was $133 million in Q4, while adjusted EBITDA jumped 412% to $167 million. Despite full-year revenue of $2.7 billion, Circle posted a $70 million net loss due to $424 million in stock-based compensation linked to its IPO. Shares rose 29.2% to $79.13, sparking gains across major cryptocurrencies and reinforcing investor confidence.