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Circle Internet Group, Inc., issuer of USDC and a direct competitor to Ripple’s RLUSD, in its latest financial report displayed a 77% year-over-year increase in total revenue and reserve income for Q4, 2025.
A quick glance at the numbers provided by Circle underscores a growing financial gap in the regulated stablecoin segment. USDC’s market capitalization is about $74.9 billion, compared with RLUSD near $1.56 billion, and this difference in the circulating supply seems to directly determine reserve balances, interest income and operating capacity.
Key points from Circle's latest Q4, 2025, report:
- Total revenue and reserve income reached $770 million, driven largely by $733 million in reserve income, up 69% from a year earlier.
- 100% expansion in average USDC circulation, even as the reserve yield declined to 3.8%, down 68 basis points.
- Revenue-less distribution costs surged 136% to $309 million, with margin expanding to 40%.
- Net income from continuing operations came in at $133 million, while adjusted EBITDA rose 412% to $167 million.
All in all, USDC closed 2025 with $75.3 billion in circulation, up 72% year over year, and recorded $11.9 trillion in on-chain transaction volume in Q4, a 247% increase.
Quantitative gap in stablecoin dominance for Ripple's RLUSD
If we drag Ripple's stablecoin into the comparison, which is ironic considering rumors of Ripple buying Circle, what can be said is that RLUSD operates from a smaller base. With market capitalization around $1.56 billion and daily trading volume near $124 million, its reserve income capacity is lower.
Still, Ripple, which remains privately held, does not publish detailed quarterly financial statements, limiting a direct profitability comparison, so Circle's dominance is rather theoretical.
RLUSD benefits from Ripple’s global payments footprint and exchange integrations, but current data show that the competitive gap is primarily quantitative, driven by circulation size, reserve economics and reported earnings power.
Dan Burgin
Vladislav Sopov