Circle, a U.S. publicly traded company, announced its fiscal year 2025 financial results, highlighting a 64% increase in total revenue and reserve income, reaching $2.7 billion. The company reported a significant rise in USDC circulation, which hit $75.3 billion by the end of 2025, marking a 72% increase. Additionally, USDC on-chain transaction volume for Q4 2025 surged 247% to $11.9 trillion. Despite these gains, Circle experienced a net loss from continuing operations of $700 million, attributed mainly to $4.24 billion in equity-based compensation expenses related to its IPO. This contrasts with a net profit of $1.57 billion from continuing operations in 2024. Circle also reported that 55 financial institutions have joined the Circle Payments Network, with 74 more in the qualification process, and launched the Arc public testnet, attracting over 100 participants.