Circle Internet Group (NYSE: CRCL) delivered a massive earnings beat on Wednesday, February 25, 2026, reporting fourth-quarter revenue and reserve income of 770 million dollars. This performance surpassed Wall Street consensus estimates of 747 million dollars, marking a 77% year-over-year surge. Following the announcement, Circle’s shares jumped more than 20% in early trading, reaching nearly 74 dollars. The rally reflects investor confidence in the company’s ability to monetize its reserves as its flagship stablecoin, USDC, gains massive market traction. **Key Financial Highlights** The quarterly net income for Q4 reached 133 million dollars, or 43 cents per share. This was a significant jump from the 4 million dollars recorded in the same period last year and far exceeded analyst expectations of 16 cents per share. Full-year 2025 revenue reached 2.7 billion dollars, up 64% from the prior year. While the company reported an annual net loss of 70 million dollars, this was primarily due to one-time stock-based compensation costs of 424 million dollars triggered by its 2025 IPO. Operating performance remains strong, with adjusted EBITDA for the quarter hitting 167 million dollars, a 412% increase compared to 2024. **USDC Market Expansion** The growth was fueled by a 72% increase in USDC circulation, which ended the year at 75.3 billion dollars. On-chain transaction volume for USDC reached a record 11.9 trillion dollars in Q4, representing a 247% increase. This surge highlights the token's growing utility for institutional payments and digital finance. Circle’s euro-denominated token, EURC, also saw explosive growth, with circulation rising 284% to 310 million euros. **Strategic Outlook and Regulatory Moves** The company is benefiting from a more favorable regulatory environment following the passage of the GENIUS Act in 2025, which established a federal framework for stablecoins. Circle recently received conditional approval to establish a national trust bank, a move that would place its reserves under the direct oversight of the OCC. Management has issued bullish guidance for 2026, targeting a 40% compound annual growth rate for USDC circulation. The company is also diversifying its revenue streams through its new "Arc" infrastructure platform, which has already processed over 166 million transactions during its institutional testnet phase. **Market Context** Despite today's 20% surge, Circle’s stock continues to navigate high volatility, remaining below its 2025 highs. However, the company’s position as a regulated leader in the 300 billion dollar stablecoin market is strengthening as it captures a larger share of global transaction volumes and institutional partnerships.