Circle Internet Group (CRCL) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Financials· Feb 25, 2026

Source: earnings call transcript

Circle Internet Group reported a strong Q4 FY25, driven by significant growth in its stablecoin network and increasing adoption of its platform. The company is positioning itself at the convergence of blockchain technology and artificial intelligence, anticipating a future where AI agents drive exponential economic activity. Circle aims to be the core infrastructure for this new internet financial system, emphasizing trust, compliance, and interoperability.

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CRCL operating KPIs by quarter

CRCL operating KPIs stated on its earnings calls, by fiscal quarter
KPI	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
USDC in circulation	$75.3B USDC in circulation was $75.3 billion at year-end, up 72% year-on-year and notably grew faster than the overall CFX stablecoin market. Source: earnings call transcript	$77B First, we ended the quarter with $77 billion of USDC in circulation, representing 28% year-over-year growth. Source: earnings call transcript	—	+2.3%
Supported blockchain networks	30+ And we now support USDC on over 30 different blockchain networks with interoperability being a key piece of Circle's platform strategy. Source: earnings call transcript	34 USDC now operates on 34 different blockchain network platforms. Source: earnings call transcript	35 The software infrastructure that powers this open network runs on every major blockchain technology, spanning 35 blockchain networks and reaching users in 185 countries. Source: earnings call transcript	+2.9%
CCTP volume	$41B+ As noted in my introductory comments, Circle's network grew strongly with 3.5x year-on-year growth in onchain transaction volume and notably, CCTP, a critical infrastructure for interoperable usage of USDC, grew 3.7x year-over-year to over $41 billion of volume in the fourth quarter. Source: earnings call transcript	<$50B As you can see [Audio Gap] we've continued to scale the cross-team transfer protocol, reaching almost $50 billion of volume in Q1, representing 3x strategic customer capability with Arc. Source: earnings call transcript	—	—
Minting and redemption volume	$163B And that trust shows up in our fundamental liquidity with $75 billion of USDC in circulation and unmatched liquidity infrastructure that in Q4 supported $163 billion of minting and redemption volume. Source: earnings call transcript	<$150B We also remain the most liquid and available digital dollar in the world, having minted and redeemed nearly $150 billion of USDC in Q1 alone, providing reliable and compliant digital dollar dial tone through our global liquidity network all around the world. Source: earnings call transcript	$170B At the same time, we are seeing record amounts of minting and redemption of USDC with Mint on Redeem volume reaching $170 billion in Q2. Source: earnings call transcript	—
EURC in circulation	€310M In the fourth quarter, EURC reached EUR 310 million, representing 3.8x year-on-year growth and has already grown 25% since quarter end to EUR 389 million as of February 20. Source: earnings call transcript	€358M Alongside USDC's growth, we are seeing strong growth from our other digital assets, EURC, which has long been the world's largest euro stable point, grew 2x year-over-year, ending the period at EUR 358 million. Source: earnings call transcript	—	+15.5%
Enrolled financial institutions Circle Payments Network	55 We have 55 financial institutions enrolled, that's up from 29 in the third quarter. Source: earnings call transcript	136+ We've now enrolled over 136 financial institutions into using CPN products, up 36% quarter-over-quarter. Source: earnings call transcript	175 We continue to enroll new financial institutions into the network with nearly 30% quarter-over-quarter growth, reaching 175 financial institutions, and the momentum has continued. Source: earnings call transcript	—
On-platform USDC	$12.5B USDC held within Circle's platform infrastructure or on-platform USDC, grew 5.6x year-on-year to $12.5 billion at year-end, representing 17% of total circulation. Source: earnings call transcript	$13.7B USDC held within Circle's platform infrastructure grew 3.5x year-over-year to $13.7 billion in the first quarter, representing 18% of total circulation. Source: earnings call transcript	$12.4B USDC held within Circle's platform infrastructure increased 106% year-over-year to $12.4 billion, representing 17% of circulation. Source: earnings call transcript	-9.5%
Reserve return rate	3.81% The reserve return rate was 3.81% for the fourth quarter, down 68 basis points year-on-year, reflecting the decline in SOFR during this period. Source: earnings call transcript	3.5% The reserve return rate was 3.5% for the quarter, down 66 basis points year-on-year, reflecting the decline in [ SOFR ] during this period. Source: earnings call transcript	3.48% The reserve return rate was 3.48% for the quarter down 66 basis points year-on-year, reflecting the decline in Sofa during the period. Source: earnings call transcript	0 pt

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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