Circle Revenue Rises 77% as USDC Tops RLUSD Scale

TLDR

• Circle reported a 77% increase in total revenue and reserve income for Q4 2025.
• Circle generated $770 million in revenue, including $733 million in reserve income.
• USDC circulation reached $75.3 billion, rising 72% year over year.
• On-chain transaction volume hit $11.9 trillion in Q4, up 247% from last year.
• Circle posted $133 million in net income and $167 million in adjusted EBITDA.

Circle reported a 77% year over year increase in total revenue and reserve income for the fourth quarter of 2025. The company linked the growth to higher USDC circulation and reserve income. The latest figures outline a widening scale gap between USDC and Ripple’s RLUSD.

Circle Reports Revenue Surge as USDC Circulation Expands

Circle posted $770 million in total revenue and reserve income for Q4 2025. The company generated $733 million of that figure from reserve income.

Reserve income rose 69% from the previous year. Average USDC circulation expanded 100% during the same period.

USDC closed 2025 with $75.3 billion in circulation. That figure marked a 72% increase year over year.

Circle recorded $11.9 trillion in on-chain transaction volume during the fourth quarter. The volume represented a 247% increase from a year earlier.

The reserve yield declined to 3.8% during the quarter. The yield fell by 68 basis points compared with last year.

Revenue less distribution costs increased 136% to $309 million. Circle reported a margin of 40% for the period.

Net income from continuing operations reached $133 million. Adjusted EBITDA rose 412% to $167 million.

Circle stated that higher circulation supported reserve balances and interest income. The company attributed revenue growth to expanded USDC usage.

RLUSD Operates from Smaller Base in Stablecoin Market

Ripple’s RLUSD holds a market capitalization of nearly $1.56 billion. Daily trading volume stands around $124 million.

The supply gap between USDC and RLUSD shapes reserve income capacity. Larger circulation allows higher reserve balances and interest earnings.

Ripple remains privately held and does not publish detailed quarterly financial statements. As a result, direct profitability comparisons remain limited.

RLUSD benefits from Ripple’s global payments network and exchange integrations. However, public data shows a lower circulation base.

USDC’s market capitalization stands at $74.9 billion. That scale exceeds RLUSD by a wide margin.

Circle’s reported earnings provide measurable data on reserve income and operating performance. Ripple has not released comparable quarterly metrics for RLUSD.

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