Circle, the issuer of the stablecoin USDC, reported a significant increase in revenue and USDC circulation for Q4 2025. The supply of USDC reached $75.3 billion, marking a 72% increase from the previous year, while on-chain transaction volume surged 247% to $11.9 trillion. Circle's total revenue and reserve income for the quarter rose 77% year-over-year to $770 million, with net income from continuing operations climbing to $133 million. Despite a net loss of $70 million for the full fiscal year 2025, primarily due to stock-based compensation linked to its IPO, Circle's annual revenue and reserve income grew 64% to $2.7 billion. CEO Jeremy Allaire highlighted the global expansion of USDC adoption and progress in launching the Arc mainnet. Circle's Arc public testnet, involving over 100 participants, has achieved nearly 100% uptime and processed over 166 million transactions. Circle's Payments Network also expanded, with 55 financial institutions enrolled and $5.7 billion in annualized transaction volume. The company announced partnerships with Visa, Intuit, and others, and received conditional approval to establish a national trust bank.