Circle has had a difficult year due to rapid growth and financial headwinds. Circle Internet Group Inc. achieved revenue growth of over 66% in 2025.
Circle Internet Group Inc., the issuer of the USDC stablecoin, recorded a revenue increase of over 66%. The group has emerged as a growth leader among other crypto-friendly fintech companies.
Although Circle has achieved the highest growth rate among fintech companies, its revenue remains relatively small for a mature fintech company. |Source: Artemis
Circle’s main source of revenue comes from its role as a stablecoin issuer. The company retained most of its fees and achieved revenue of $2.93 billion. According to data from DeFi Llama, Circle’s daily fees have grown more rapidly over the past 12 months.
As a result, Circle generated more than $8 million in fees through the end of 2025, gradually doubling its daily revenue. Circle developer smart contract It was one of the busiest on Ethereum in the past year. Additionally, Circle has significantly expanded its supply on Solana, becoming an integral part of DEX trading and lending.
Circle combines crypto-native uses with fintech enhancements
Circle’s USDC token has gained importance both to cryptocurrency insiders and as a fintech tool. Like a major payment company master card We have also adopted stablecoins as payment gateways available in selected markets.
USDC token has been added as a payment tool through: world pay. Stripe, Finastra, and FIS have also added stablecoin options.
USDC and other Circle assets became key to the US and European markets, which introduced new stablecoin laws, calling into question the dominance of USDT. USDC maintained its advantage as a fully compliant token and expanded its influence in 2025 after establishing a new regulatory framework over the past few years.
Are circles overrated?
Throughout 2025, it has been a tumultuous year for Circle trading. CRCL stock started in the $81 range and rose to a high of $293. The stock price was just above $82, ending the year with its first net loss since its IPO.
Throughout 2025, Circle also had high enterprise value to gross profit and enterprise value to net profit ratios.
Circle is still a growing company, meaning its current gross and net income are relatively small compared to market valuations. More mature fintech companies like PayPal have double the ratio of enterprise value to annual revenue.
In Circle’s case, this ratio is over 25x, meaning the company’s value is relatively large compared to its total revenue. Additionally, the company has an enterprise value to net income ratio of 35 times.
Circle currently relies on revenue from stablecoin adoption and operations to bridge the gap to post-IPO valuation. The company’s market capitalization remains at over $18 billion, making it one of the top five fintech companies.
Despite the overall increase in stablecoin supply and usage, Circle faces headwinds as both fintechs and cryptocurrencies re-evaluate their use cases. To avoid being trapped in a shrinking market, USDC may need to pivot away from crypto insider activities and become a global payments gateway.
