Circle’s USDC business rides interest rates as partners took $460.6 million of quarterly reserve income

Circle’s fourth quarter earnings tell a story the company would prefer investors understand through the lens of growth: USDC circulation climbed 72% year-over-year to $75.3 billion, reserve income surged 69%, and adjusted EBITDA quintupled. Update (March 3, 2026, 14:50): USDC’s circulating value has edged higher since publication, while Treasury yields have moved with it, keeping […]