Circle Reports Record Growth: USDC Circulation Reaches 75 Billion Dollar Milestone
By Priya Sharma | March 3, 2026
Circle, the issuer of USDC stablecoin, has released its Q4 2025 and full-year financial report, revealing unprecedented growth metrics that underscore stablecoins’ expanding role in the cryptocurrency ecosystem.
Key Growth Metrics
USDC circulation increased 72% year-over-year, surpassing 75.3 billion dollars. The company’s annual revenue climbed to 2.7 billion dollars, driven by the growing adoption of dollar-backed digital currencies for payments, remittances, and DeFi applications.
The broader stablecoin market reached 312 billion dollars in total capitalization, with USDT maintaining 58.87% market share at 183.67 billion, followed by USDC at 24.1%.
US IPO Speculation
Reports indicate that RedotPay, a stablecoin-focused payment company based in Hong Kong, is considering a U.S. IPO with a potential valuation exceeding 40 billion dollars. The company has reportedly engaged major investment banks for the potential offering.
Tether’s Strategic Expansion
Tether has launched USA, a new stablecoin designed specifically for the U.S. market, compliant with federal regulatory frameworks and issued by regulated banking institutions. The product represents Tether’s effort to capture institutional market share in the United States.
Stablecoin investments carry risks including regulatory and counterparty risks. This article is for informational purposes only.
2.7 billion revenue on a stablecoin issuer. circle is literally a bank now and they dont even need a charter
$2.7B revenue from a stablecoin issuer. Circle is basically a digital bank that doesnt need branches or FDIC insurance
USDC growing 72% YoY while USDT still holds 58.87% market share. circle is gaining ground but tether’s lead is massive
tether launching USA specifically for the us market is them admitting usdc was eating their institutional lunch
usdc still at 24% vs usdt at 58% though. tether has a moat in international markets that circle cant touch easily
USDT at 58% vs USDC at 24% is a gap that wont close easily. tether has emerging market distribution that circle cant replicate
USDT dominance in emerging markets is Tethers real moat. Try sending USDC to someone in Nigeria or Turkey. USDT just works better in those ecosystems.
emerging_sats_ try sending USDC on solana to a wallet in lagos and watch the bridge fees. USDT on tron just works. distribution advantage is structural not technical
Tether launching USA was inevitable. USDC was eating their lunch with institutional clients who need compliance documentation.
$2.7B revenue from holding treasuries backing USDC. basically a digital bank printing money on the spread. the IPO talk makes sense now
Henrik O. $2.7B from holding treasuries backing USDC is basically free money when rates are above 4%. the IPO makes sense but whats the valuation when rates get cut
USDC at 24% with $75B circulation vs USDT at 58% with $183B. circle grew 72% in a year and still lost market share. tether is untouchable in emerging markets
redotpay considering a 40 billion ipo valuation for a stablecoin payments company? 2021 vibes are back
72% YoY growth on USDC while USDT still holds 58% market share. circle is eating into tether slowly but consistently
stable_yield_maxi USDT dominance is mostly Asia OTC desks. USDC winning the institutional and DeFi side easily
2.7B revenue from reserves is basically free money when rates are 4-5%. what happens when Fed cuts to zero again?
USDC at 75B while USDT holds 183B. Circle is gaining share but Tether still dominates especially in emerging markets where compliance matters less
stablefish_ USDC lost ground after the SVB depeg in 2023. Circle recovered but never fully closed the gap. trust is hard to rebuild
Circle IPO filing makes this interesting. a regulated stablecoin issuer going public forces transparency that Tether has avoided for years
2.7B revenue from holding treasuries backing USDC. the moment Fed cuts rates to zero this business model evaporates. IPO timing is not accidental
yield_curve_watcher exactly. 2.7B at 4-5% rates. at zero rates that drops to near zero. the IPO is Circle cashing out at peak treasury yield
Chen W. 2.7B at current rates. at 1% that revenue craters to maybe 500M. the IPO is Circle cashing out at peak treasury yield before the cycle turns
yield_curve_watcher Circle IPO is perfectly timed to lock in treasury yield valuations. smart money exits before the rate cut cycle starts
USDT at 58% vs USDC at 24%. Circle grew 72% YoY and still lost market share. Tether owns emerging markets and that gap is structural not temporary
USDT on tron at 89B vs USDC at 75B. Circle grew 72% and still cant touch Tether in the markets that actually matter for volume. the gap is distribution not technology
USDT on Tron at 89B vs USDC at 75B. Circle grew 72% and still cant touch Tether where it matters. emerging market OTC desks run on USDT and that gap is structural