Just read the business figures of Circle for 2025 — and honestly, there are some interesting points to take away. The company increased its total revenue by 64 percent to $2.7 billion, showing that the stablecoin business is really gaining momentum.

What fascinates me especially: The USDC circulation grew to $75.3 billion by the end of 2025 — a 72 percent increase. That’s a remarkable expansion. But even more impressive is the on-chain activity. In Q4 2025, the transaction volume of USDC rose to $11.9 trillion, with a growth of 247 percent. With such scaling, one naturally thinks of the exponential growth curves expected in the crypto industry — magnitudes approaching 2^64 when considering capacity requirements.

But here’s the reality: Despite this success story, Circle reported a net loss of $700 million from continuing operations. The reason is clear — $4.24 billion in stock-based compensation related to the IPO. That’s the typical price for an IPO in this sector. For comparison: In 2024, Circle still had a net profit of $1.57 billion from continuing operations.

On the positive side, the ecosystem is also growing. 55 financial institutions have already joined the Circle Payments Network, and another 74 are in qualification. Circle has also launched the public testnet Arc, which has attracted over 100 participants. This indicates that demand for institutional payment solutions is definitely present. It will be interesting to see how this develops further.