Circle shares soared 34% as USDC transaction volume reached nearly half the stablecoin market

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Yaroslav Dmytrenko

26.02.2026

Circle shares soared 34% as USDC transaction volume reached nearly half the stablecoin market — Circle beat forecasts: USDC transaction volume reached $12 trillion

Shares of Circle, the issuer of the USDC stablecoin, surged 34% after the company released its quarterly earnings report. During the presentation, Circle co-founder and CEO Jeremy Allaire stated that USDC transactions now account for nearly half of the stablecoin market.

A catching-up issuer

Circle Internet Group shares jumped 34% on Wednesday, trading above $82, after the company’s fourth-quarter 2025 results exceeded analysts’ expectations and USDC growth targets.

Earnings per share (EPS) came in at $0.43 versus the expected $0.16, while net income reached $133.4 million — more than 40 times higher than in the same period a year earlier. Quarterly revenue and reserve income totaled $770 million, up 77% year over year.

Jeremy Allaire said USDC now represents “around 50%” of stablecoin transaction volume measured by Visa, up from just over one-third in the previous quarter. He also projected a 40% compound annual growth rate in USDC circulation over the coming years.

“Our competitive position remains strong, and we continue to maintain significant market share. Importantly, despite many companies attempting to enter and compete, this is fundamentally a market dominated by two primary issuers. That reflects durable network effects that create substantial barriers to entry and adoption,” Allaire said, suggesting that Circle and Tether will remain the leading stablecoin issuers in the years ahead.

During the earnings call, Allaire highlighted new product launches and cited unprecedented growth in payments and cross-border settlements. USDC is now supported on more than 30 blockchains, driving mainstream adoption through partnerships with Intuit, Visa, Mastercard, JPMorgan, Cash App, Gusto, Deel, Interactive Brokers, and others.

Following the earnings presentation, several analysts reaffirmed their ratings on Circle. William Blair stated that investors “should maintain long positions” in Circle, citing margin improvement and USDC’s growing transaction share, calling it “one of the few high-quality crypto infrastructure companies currently operating in public markets.”

Stablecoins gain increasing independence

Circle’s more than 30% stock surge reflects not only investors’ pursuit of higher returns but also confidence in the broader transformation of financial markets led by companies like Circle.

CRCL daily chart. Source: TradingView

In recent years, more value has migrated to the internet, giving rise to a new layer of internet-native money that is reshaping financial relationships.

This shift is reflected in USDC’s transaction volume on blockchain networks, which grew more than 250% year over year, reaching approximately $12 trillion in a single quarter.

As we wrote, Circle, Ripple and Figure drive record $6.2B funding boom

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