CRCL

Circle is the issuer of USDC, the second-largest stablecoin, and the GAAP statements understate the underlying momentum. Reported revenue tagged in XBRL is $110M, but management frames total revenue and reserve income at $2.7B for FY2025 (+64%), with reserve income making up 96.0% of revenue. USDC in circulation grew 72% to $75.3 billion and onchain transaction volume grew 247% to $11.9 trillion, driving total assets to $78.7B against $75.4B of liabilities (largely customer reserves). This is a real, fast-scaling network with conditional OCC approval for a national trust bank reinforcing the regulatory moat.

The FY2025 net loss of -$69.5M is heavily distorted by IPO-related stock-based compensation; management cites $424M of SBC tied to IPO vesting and reports Adjusted EBITDA of $582M (+104%). Operating cash flow was a healthy $542M against minimal capex of $12.4M, so the business throws off cash even as GAAP shows a loss. Equity rose to $3.33B (+483.6%) post-IPO, leaving a funded balance sheet despite an accumulated deficit of -$1.29B.