Circle Internet Group Inc-A 2025年度报告

Dear Stockholders, This past year was adefining one for Circle.We delivered strongexecution across ourbusiness, advancedour mission at a globalscale, and meaningfullystrengthened ourposition as a foundationalplatform for the next eraof the internet economy.We enter 2026 withmomentum, clarity, andconfidence in the rolewe are poised to play:helping build the internetfinancial system and, indoing so, becoming oneof the most importantinternet platformfranchises of our time. A Year of Exceptional Progress 2025 was an exceptional year for Circle not only in vision, but inexecution. We reached a series of milestones that fundamentallyadvanced our scale, credibility, and long-term opportunity. Most notably, we became a public company. Our initial public offeringmarked a defining moment in Circle’s history—one that reflected morethan a decade of disciplined building, regulatory engagement, andoperational rigor. The IPO broadened our ownership, strengthened ourbalance sheet, and positioned Circle to operate with the transparency,durability, and accountability expected of a leading global financialplatform. Just as importantly, it validated a business model that manyonce viewed as speculative, but which is now firmly embedded in themainstream of global finance. We also saw decisive progress on the regulatory front. In 2025, landmarkU.S. legislation governing stablecoins—the GENIUS Act—moved intolaw, establishing a clear federal framework for fully reserved, dollar-backed digital currencies. This moment represents the culmination ofyears of constructive engagement with policymakers and regulators, andit significantly reduces uncertainty for institutions seeking to build oninternet-native money. The regulatory clarity now emerging in the UnitedStates, alongside parallel progress globally, accelerates adoption andreinforces Circle’s long-held belief that trust, compliance, and opennessare not tradeoffs, but prerequisites for scale. On the product front, we continued to expand from a single breakthroughproduct into a multi-layer platform. We rolled out major upgrades acrossour digital asset infrastructure, developer tooling, and paymentscapabilities, making it easier for enterprises and builders to move valueglobally, in real time, and at internet scale. Our payments networkadvanced meaningfully, expanding corridors, counterparties, andtransaction volume, while our interoperability infrastructure increasinglybecame a core utility for moving assets seamlessly across blockchains. Commercially, 2025 was a year of deepening partnerships. Leadingglobal financial institutions, payments companies, fintech platforms, andtechnology firms chose Circle as a strategic partner to help themparticipate in the next generation of financial infrastructure. Thesepartnerships are not transactional integrations; they are long-termcommitments to building on shared rails, liquidity, and trust. Each oneexpands the surface area of USDC and our platform, reinforcing powerfulnetwork effects. Taken together, these accomplishments reflect a company that is nolonger proving that the future is possible, but one that is actively shapinghow that future is built. From Digital Dollars to an InternetFinancial System 2025 Financial Performance The internet transformed information by making it open, programmable,and globally accessible. Cloud computing transformed software bycollapsing the cost of creation and distribution. Artificial intelligence is nowtransforming work itself. Yet until recently, the global economy hasremained constrained by fragmented, jurisdiction-bound financialinfrastructure designed for a pre-internet world. $75.3BEnding USDC in circulation+72% YoY That constraint is now breaking. Public blockchain networks are emergingas economic operating systems for the internet—neutral, programmableenvironments where money, assets, contracts, and governance can existas native software objects. Stablecoins are the first large-scale proof of thismodel, unifying payments and settlement on a single, global ledger andenabling real-time economic coordination at internet speed. $33.3TUSDC onchain transaction volume+384% YoY $2.7B Circle sits at the center of this transformation. Our role is to provide trusted,regulated, and globally interoperable infrastructure that allows this neweconomic layer of the internet to scale responsibly. We believe thetransition now underway will unlock orders-of-magnitude increases ineconomic velocity, participation, and innovation—just as prior internetplatform shifts reshaped media, commerce, and communications. Total revenue and reserve income+64% YoY $(70)MNet income (loss) fromcontinuing operations-144% YoY Becoming a Full-Stack Internet Financial Platform Over the past year, Circle has crossed an important threshold. We are nolonger simply a stablecoin issuer. We are becoming a full-stack internetfinancial platform—one designed to provide the core infrastructure, assets,and applications required for