Circle Sees 72% USDC Surge, $11.9T Volume and Launches USDC Visa Pilot
Circle's USDC circulation jumped 72% YoY with $11.9T in transaction volume and 77% revenue growth, prompting a Strong Buy rating upgrade. The firm also launched a USDC-funded Visa pilot with Hana Card offering 5% CRO cashback and stands to seek Fed master account access under the Fed’s skinny master account framework.
1. Strong Q4 Growth and Rating Upgrade
Circle reported a 72% year-over-year increase in USDC circulation, processed $11.9 trillion in transaction volume, and achieved 77% revenue growth in the quarter. These results drove a Strong Buy rating upgrade, reflecting market confidence in its stablecoin business model and AI-driven expansion prospects.
2. South Korea USDC Visa Pilot
Circle partnered with Hana Card to launch a pilot allowing foreign tourists to fund Visa cards with USDC and receive 5% cashback in CRO. The program leverages Hana Card’s processing volume, testing blockchain-based payments within regulated card infrastructure and domestic payment rails.
3. Path to Fed Master Account
Circle applied for a Fed master account under the Federal Reserve’s proposed skinny master account framework. If approved, this account would enable direct Fedwire access, enhancing settlement capabilities akin to the Kraken precedent while regulatory timelines suggest a multi-year process.