Company Dashboard
Circle Internet Group
CRCLNYSEStablecoin issuer behind USDC, generating revenue primarily from reserve income on short-duration Treasuries and cash backing the token in circulation.
Coverage window
8 quarters from Q1 '24 to Q4 '25
Calendar fiscal year (Jan–Dec)
CRCL Stock Price
$90.26▼ $0.48 (0.53%)as of Apr 3, 2026, 1:46 AM
Mkt Cap
$23.96B
P/E Ratio
—
52-wk High
$298.99
52-wk Low
$49.90
Source: Yahoo Finance · End-of-day data · Hover or tap for detail
Circle reports on a calendar fiscal year. Revenue is overwhelmingly reserve income — yield earned on USDC reserves invested in short-duration Treasuries and cash. Distribution costs represent the share paid to partners (primarily Coinbase) and approved participants for USDC distribution.
RLDC
$309M
Q4 '25 (Dec 2025)
+135.9% vs Q4 '24
Full FY2025: $1.1B
RLDC Margin
40.1%
Q4 '25
+10.0pp vs Q4 '24
FY2025 avg: 39.4%
USDC in Circulation
$75.3B
End of Q4 '25
+71.5% vs Q4 '24
Avg Q4: $76.2B
Reserve Return Rate
3.8%
Q4 '25
-0.7pp vs Q4 '24
Peak: 5.2% (Q2 '24)
Revenue & Distribution
Reserve income drives the top line, but distribution costs take a large share before the operating structure begins.
Circle's revenue is almost entirely reserve income earned on USDC reserves. The retention view shows how much Circle keeps (RLDC) versus what is paid out to distribution partners.
Revenue composition
Quarterly total revenue and reserve income by source
Source: Circle SEC filings (10-K, 10-Q, 8-K) · Click categories to filter — Drag minimap to navigate
USDC Circulation
USDC outstanding has grown sharply, but the reserve yield earned on each dollar is falling.
The balance of USDC in circulation determines the reserve base. Reserve return rate tracks the annualized yield earned on that base, which is sensitive to short-term interest rates.
USDC in circulation and reserve yield
Quarterly USDC outstanding (bars) and reserve return rate (line)
Source: Circle SEC filings · USDC = end-of-period balance · Rate = annualized reserve yield
Profitability
Operating expenses have grown alongside the business, with compensation as the largest line item.
Q2 2025 compensation includes a $424M one-time IPO-related stock-based compensation charge. Adjusted EBITDA strips out SBC, D&A, and digital-asset mark-to-market to approximate recurring cash earnings.
Operating expense breakdown
Quarterly operating expenses by category (excludes digital-asset mark-to-market)
Source: Circle SEC filings · Q2 2025 compensation includes $424M IPO-related SBC — Drag minimap to navigate
Fiscal Year Summary
Calendar year aggregation. Partial years remain visible so the data cut is explicit.
| Year | Revenue | Dist. Costs | RLDC | Adj. EBITDA | USDC ($B) | Quarters |
|---|---|---|---|---|---|---|
| 2024 | $1.7B | $1.0B | $659M | $285M | $43.9 | 4/4 |
| 2025 | $2.7B | $1.7B | $1.1B | $581M | $75.3 | 4/4 |
Employment
A lean team behind a $30B stablecoin
Circle annual headcount
Full-time employees as reported in annual SEC filings
Source: SEC filings (10-K) via Financial Modeling Prep
Methodology & Sources
Data is sourced from Circle Internet Group's SEC filings (10-K, 10-Q) and 8-K earnings press releases. Figures are in millions USD unless noted. Circle's fiscal year is the calendar year (Jan–Dec). IPO date: June 5, 2025, NYSE. Q1 2024 figures are derived from H1 2024 minus Q2 2024. Q2 2025 compensation includes $424M of one-time IPO-related stock-based compensation. Q4 2024 RLDC was depressed by a $60M one-time distribution partner fee. USDC in circulation is end-of-period and stored in billions USD. Reserve return rate is an annualized yield on average reserves. Adjusted EBITDA is a non-GAAP metric that adds back SBC, D&A, and digital-asset gains/losses. The operating expense chart excludes digital-asset mark-to-market (small and volatile).