Circle's stock plunges 18% despite record USDC growth and strong earnings
Circle Internet Group's stock fell sharply on March 24, despite strong financial results and surging demand for its USDC stablecoin. Shares dropped about 18% after a six-week rally that had pushed prices up by over 100%. The decline came even as the company reported better-than-expected earnings and revenue for the final quarter of 2025. The stock, trading under the ticker CRCL, closed near $103 on March 24. This marked a steep drop from the previous week's peak of around $150. The pullback followed a rapid climb of between 100% and 160%, fuelled by analyst upgrades and rising interest in stablecoins.
Circle's latest financial report showed earnings per share of $0.43, exceeding the $0.35 forecast. Revenue for the fourth quarter of 2025 reached $770 million, surpassing the $745 million estimate. The company's market value stood at $27.7 billion despite the share price decline. Demand for USDC has surged in 2026, with net supply growing by about $4.5 billion since the start of the year. This increase represents the largest expansion among stablecoins so far. Activity on the Ethereum network for ERC-20 stablecoins has also jumped, with active addresses rising from roughly 85,000 to nearly 600,000—a 600% increase since March 2025. On the Solana blockchain, USDC transfer volume soared by 300% year-over-year in February 2026. The network processed approximately 650 billion USD in total stablecoin transfers that month, more than double the previous record. This figure also exceeded the volume handled by any other blockchain during the same period.
Circle's stock now trades between $104 and $110, down 35% from its recent high. The company continues to see strong growth in USDC adoption, particularly on Solana and Ethereum networks. Despite the share price drop, its financial performance and stablecoin expansion remain key areas of focus.
