Shares of stablecoin issuer Circle Internet Group Inc. jumped more than 35% today after it posted better-than-expected fourth-quarter results.

The company’s adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, more than quadrupled year-over-year, to $167 million. That amounted to adjusted earnings of 43 cents per share. Wall Street forecasted 35 cents per share.

Circle’s revenue, in turn, increased 77% year-over-year, to $770 million. That’s $25 million more than the consensus estimate. Circle generated the bulk of its revenue, $733 million, from its flagship USDC stablecoin, which is pegged to dollar-denominated cash and cash-equivalent assets.

There was $75.3 billion worth of USDC in circulation at the end of 2025, a 72% increase over the prior year. Transaction volume, meanwhile, surged 247% in the fourth quarter, to $11.9 trillion. Circle makes money from USDC by earning interest on the fiat reserves that back the stablecoin.

The company’s Other Revenue segment also experienced strong growth, climbing from $3 million to $37 million in a year. The segment encompasses the more than half-dozen financial products that Circle offers alongside USDC.

The company offers a stablecoin called EURC that is backed by euro reserves held in the European Economic Area. Its circulation stood at 310 million euros at the end of 2025, which is nearly triple the number the Circle logged the same time a year earlier. The company also operates a money market fund, USYC, that is mainly backed by U.S. Treasury bonds.

The rest of Circle’s revenue comes from financial technology services. Those services ease tasks such as building digital wallet apps and launching stablecoins. Circle’s growth strategy in the financial technology market centers on Arc, a custom blockchain that it debuted last year.

Companies can use Arc to trade in tokenized financial instruments, power e-commerce purchases and carry out other transactions. Circle says the blockchain processes payments in under a second. The company makes money from Arc by charging transaction fees that it describes as predictable. The commissions charged by some competing platforms fluctuate over time, which makes it difficult for users to estimate transaction expenses.

Circle launched a testnet, or test version, of Arc in the fourth quarter. The company says that the blockchain is being evaluated by more than 100 early adopters including banks and capital markets firms. It disclosed today that the Arc testnet currently processes about 2.3 million transactions per day.

The company plans to launch the production version of the blockchain later this year. On the financial side, it expects its Other Revenue segment to generate between $150 million and $170 million in 2026.

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