Circle Internet Group Stock Rises as New 10-K Reveals Heavy Reliance on USDC Reserve Income
Shares of Circle Internet Group climbed roughly 6.2% Tuesday, changing hands at $118.75 by midday in the U.S. The move came after Monday’s annual report showed just how much the USDC issuer counts on reserve income. Circle also submitted an S-8 for employee stock plans that day. Timing is key here: Circle’s sharp rally following its earnings has shifted attention toward the company’s business mix, not just how fast it’s growing. The 10-K spells it out—reserve income from stablecoin reserves accounted for 96% of revenue from ongoing operations in 2025, leaving Circle’s fortunes hitched to both interest rates and token expansion. Stablecoins, meant to maintain parity with fiat currencies like the U.S. dollar, remain central.