Circle announces Q4 2025 and full-year results. In Q4, the end-of-year circulating supply of USDC was $75.3 billion, a 72% year-over-year increase. On-chain trading volume reached $11.9 trillion. Total revenue and reserve income amounted to $770 million, with operating net profit of $133 million, and adjusted EBITDA of $167 million. For the full year, total revenue and reserve income totaled $2.747 billion, a 64% increase year-over-year. The net loss from continuing operations was $70.1 million, mainly due to $424 million in stock-based compensation related to the IPO. Adjusted EBITDA was $582.2 million.