Crypto: Circle surprises Wall Street with profit well above expectations

The spotlight is on crypto right now. And frankly, it smells scorched. Coinbase in the red, Binance which denies leaks, bitcoin which is plummeting. Bad news follows one another like dominoes. However, in the midst of this ambient slump, one company is doing well. Circle, the issuer of USDC, has just published its results. And then, surprise: Wall Street was left speechless. Colossal profit, exploding circulation, record volumes. So how do they thrive when everyone else is depressed?

770 million and stablecoins on fire: Circle’s revenge on the ambient gloom

First, let’s set the scene. The crypto market is in a bad state: bitcoin has lost half of its value since October, exchanges are suffering like animals. However, Circle arrives with figures that take your breath away. In the fourth quarter of 2025, the company raked in $770 million in revenue. This is 77% more than the previous year.

Its net profit reached 133 million, where analysts expected only 16 cents per share. The stock jumped 20% immediately. How can we explain such a performance in such a depressing context? Jeremy Allaire, the CEO, puts forward a strong idea: decoupling. According to him, the adoption of stablecoins is no longer linked to price speculation.

USDC adoption continued to expand globally, as more businesses, developers, and public institutions integrated digital dollars into real-world payments, treasury, and on-chain financial workflows.

Jeremy Allaire

Companies, institutions, governments now use these assets to transfer value, not to trade. The proof? USDC in circulation jumped 72% to $75.3 billion. And transaction volumes exploded by 247%, to 11.9 trillion. Unheard of in years.

Circle's secret ecosystem: when Arc, Bermuda and Visa prepare the world after

Second, behind these wonderful numbers lies a well-oiled machine. Circle doesn't just issue stablecoins. He is patiently building infrastructure for tomorrow's economy. Take Arc, its new institutional blockchain. Launched as a testnet, it has already processed 166 million transactions. More than 100 institutions, from banks to fintechs, are participating in the adventure. The purpose of the transactions? 0.5 seconds. Enough to make the competitors pale.

The Circle Payments Network is growing in strength crescendo. 55 financial institutions are already onboarded. The annualized volume reaches $5.7 billion. Jeremy Allaire sees further, much further:

We are entering a world where, I believe, hundreds of billions of AI agents will interact and perform economic functions on the Internet.

Translation: Circle sets the stage for machines, not just humans. The case of Bermuda is fascinating to observe. The island's government has announced its intention to become the first fully on-chain national economy. Technical partner? Circle, obviously.

A full-scale laboratory to test the massive adoption of stablecoins in the workings of a sovereign state. Meanwhile, the competitors watch the train pass by.

Stablecoin war: how Circle is eating into Tether and leaving Coinbase in the lurch

Third, let's watch the match being played out before our eyes. The stablecoin market is in full restructuring. Circle's USDC is eating away at Tether, the historic leader. Its market share now reaches 28%, up 426 basis points year-on-year. Institutions favor a regulated, audited, transparent stablecoin. The days when Tether reigned supreme seem to be over.

Meanwhile, in Washington, two destinies are playing out in parallel. The GENIUS Act, adopted in July 2025, provides a clear federal framework for stablecoins. Circle, which has always been compliant, is the great natural beneficiary. Conversely, the Clarity Act, which was to structure the rest of the crypto market, is in complete impasse. Main reason? Coinbase withdrew support to protect its stablecoin revenue.

Bottom line: Circle is moving forward within a clear framework while its competitors are mired in legal limbo.

Clear Street analysts summarize the situation: “ This publication confirms the continued adoption of USDC despite a softer crypto environment, and should support a strong positive reaction from the stock “. While the others complain, Circle takes it.

The numbers that make you dizzy at Circle

• Quarterly revenue: $770 million, up 77% year-on-year;
• USDC in circulation: 75.3 billion, increase of 72% year-on-year;
• Transaction volume: $11.9 trillion, jump 247% in Q4;
• Market share: 28% for USDC, up 426 basis points;
• Arc testnet transactions: 166 million, with 100+ participating institutions.

The crypto market is certainly experiencing a sluggishness that we rarely see. Bitcoin and its little comrades look gloomy. But while some are depressed, others are jubilant. Stablecoin issuers, driven by continued utilitarian adoption, are riding the wave. And tokenized real assets, discreetly, continue to progress despite the general decline. In short, crypto dies in places… but is reborn elsewhere, in another form.