After a pullback in late 2025, Circle Internet stock is moving higher again. Thanks to blowout Q4 earnings1, the stablecoin issuer is back on investors’ radars.
Here, we are going to highlight some key figures from the Q4 earnings report. We’ll also look at Wall Street’s price targets for Circle stock after the print.
USDC Adoption is Fueling Growth
For the fourth quarter of 2025, Circle – which invests the cash received for its issued stablecoins in deposits and short-dated US treasuries – posted total revenue and reserve income of $770 million. This was up 77% year over year and ahead of the consensus forecast2 of $740 million.
Adjusted EBITDA for the period was $167 million, up 412%. Meanwhile, net income from continuing operations was $133 million versus $4 million a year earlier.
Helped by favorable regulation such as the GENIUS Act, USDC (Circle’s primary stablecoin) onchain transaction volume grew 247% to $11.9 trillion. At the end of the quarter, USDC in circulation was $75.3 billion, up 72% year over year.
For the year, total revenue and reserve income came in at $2.7 billion, up 64% year over year. Adjusted EBITDA was $582 million, up 104%.
Q4 Business Highlights
It’s worth noting that during Q4, the company launched partnerships with a number of well-known businesses including:
Visa – US card issuers and acquirers can now fully settle with Visa using USDC, enabling continuous settlement outside of traditional banking hours.
Intuit – Accounting specialist Intuit has launched a multi-year strategic partnership to integrate USDC and Circle’s supporting infrastructure across its platform.
Polymarket – Prediction markets powerhouse Polymarket has partnered with Circle to advance its use of USDC as the core collateral and settlement asset for its markets.
Additionally, the Government of Bermuda announced plans to become the world’s first fully onchain national economy supported by Circle’s digital asset infrastructure. This shows that stablecoins are not just an institutional tool.
On top of all this, in December, Circle received conditional approval from the Office of the Comptroller of the Currency to establish a national trust bank. This could further integrate its digital assets into the banking system.
Overall, it was a very impressive quarter from Circle – the key takeaway was that USDC continues to scale rapidly. Investors clearly took note, as the stock shot up dramatically after earnings.
Wall Street’s Forecasts for Circle Stock
Since Circle’s Q4 earnings, a number of Wall Street firms3 have adjusted their price targets for the stock. Some firms, such as Morgan Stanley and Mizuho, have raised their targets while others, such as Wells Fargo and Needham, have lowered their forecasts. At present, the average price target is $124. That’s around 40% higher than the current stock price.
Footnotes:
1Circle, CIRCLE REPORTS FOURTH QUARTER AND FULL FISCAL YEAR 2025 FINANCIAL RESULTS, as of February 25, 2026
2NewsFile Refinitiv, Stablecoin issuer Circle jumps after Q4 revenue beat, as of February 27, 2026
3Investing.com, Circle Internet Group Inc (CRCL), as of February 27, 2026
