DEEP RESEARCH · CIRCLE INTERNET
써클(CRCL) 2025년 4분기 실적 분석: 투자자의 지침서
USDC 발행사를 가상자산 테마주가 아니라 글로벌 결제 인프라 관점에서 읽는 이미지 기반 리서치
투자 판단의 책임은 본인에게 있습니다. 본 자료는 리서치이며 매수·매도 추천이 아닙니다.
0. 결론 먼저
원문은 써클을 USDC, 규제 승인, Arc 네트워크, 결제 파트너십을 묶어 보는 글로벌 결제 인프라 후보로 정리한다. 원문이 슬라이드 이미지 중심이므로 모든 이미지를 그대로 보존했다.
공식 사실: 원문에는 Q4 2025 실적, USDC, OCC 조건부 승인, GENIUS Act, Arc, Coinbase·Intuit 생태계 관련 링크가 포함되어 있다.
써클 관찰 축원문 슬라이드와 출처 기준
실적Q4 2025
규제GENIUS Act·OCC
제품USDC·Arc
생태계파트너십·전망
핵심 질문은 테마주 프리미엄이 아니라 결제 인프라로서의 지속 가능한 수익성이다.
1. 원문 슬라이드 보존
아래 28개 이미지는 원문 슬라이드 전체다. 이미지 안의 수치와 문구는 원문 사실로 보존하며 별도 수치를 만들지 않았다.
2. 읽는 순서
실적
Q4 2025
Quiver Quant, Investing.com, Perplexity Finance 등 실적 링크를 함께 확인한다.
규제
스테이블코인 법제화
GENIUS Act, OCC 승인, 시장구조 법안 관련 링크가 포함되어 있다.
전략
USDC와 Arc
USDC, Arc 테스트넷, 제품 비전, 파트너십 링크가 사업 확장성의 근거다.
출처
- 네이버블로그 원문: https://m.blog.naver.com/PostView.naver?blogId=star_of_self&logNo=224198583182
- 원문 링크 1: https://www.quiverquant.com/news/CIRCLE+INTERNET+%28%24CRCL%29+Releases+Q4+2025+Earnings
- 원문 링크 2: https://www.investing.com/news/earnings/circle-internet-group-beats-q4-estimates-stock-surges-4523749
- 원문 링크 3: https://www.perplexity.ai/finance/CRCL/earnings
- 원문 링크 4: https://www.asktraders.com/analysis/circle-earnings-on-deck-with-stock-under-water-what-to-expect/
- 원문 링크 5: https://www.perplexity.ai/finance/CRCL
- 원문 링크 6: https://www.circle.com/pressroom/circle-receives-conditional-approval-from-occ-for-national-trust-charter
- 원문 링크 7: https://news.futunn.com/en/post/69225539/s-p-500-futures-up-in-premarket-trading-circle-internet
- 원문 링크 8: https://www.futunn.com/en/stock/CRCL-US
- 원문 링크 9: https://www.xtb.com/int/market-analysis/news-and-research/circle-successfully-debuts-on-nyse
- 원문 링크 10: https://www.investing.com/news/company-news/circle-sets-ipo-price-at-31-per-share-for-june-5-nyse-debut-93CH-4081796
- 원문 링크 11: https://www.tradingview.com/symbols/NYSE-CRCL/
- 원문 링크 12: https://capital.com/en-int/market-updates/circle-internet-group-stock-forecast-12-02-2026
- 원문 링크 13: https://www.tikr.com/blog/circle-internet-group-stock-is-down-nearly-80-from-its-high-heres-whats-driving-the-reset
- 원문 링크 14: https://www.lw.com/en/insights/the-genius-act-of-2025-stablecoin-legislation-adopted-in-the-us
- 원문 링크 15: https://www.nasdaq.com/articles/circle-stock-q4-earnings-release-should-investors-stay-away
- 원문 링크 16: https://www.circle.com/usdc
- 원문 링크 17: https://www.circle.com/pressroom/from-stablecoins-to-infrastructure-circle-charts-the-rise-of-the-internet-financial-system-in-2026-report
- 원문 링크 18: https://investors.intuit.com/news-events/press-releases/detail/1292/intuit-and-circle-partner-to-unlock-the-future-of-money-movement-with-stablecoins
- 원문 링크 19: https://www.circle.com/pressroom/the-government-of-bermuda-announces-plans-to-be-the-worlds-first-fully-onchain-national-economy-with-support-from-circle-and-coinbase
- 원문 링크 20: https://www.circle.com/pressroom/circle-and-polymarket-partner-to-strengthen-onchain-financial-markets
- 원문 링크 21: https://unchainedcrypto.com/circle-to-launch-layer-1-blockchain-arc/
- 원문 링크 22: https://www.circle.com/pressroom/circle-launches-arc-public-testnet
- 원문 링크 23: https://news.futunn.com/en/post/64228754/circle-ceo-jeremy-allaire-calls-arc-an-economic-os-for
- 원문 링크 24: https://www.circle.com/blog/building-the-internet-financial-system-circles-product-vision-for-2026
- 원문 링크 25: https://www.arc.network/
- 원문 링크 26: https://coinmarketcap.com/academy/article/circle-pushes-arc-blockchain-live-as-institutions-eye-usdc
- 원문 링크 27: https://www.usbank.com/investing/financial-perspectives/market-news/federal-reserve-tapering-asset-purchases.html
- 원문 링크 28: https://www.federalreserve.gov/monetarypolicy/fomcminutes20260128.htm
- 원문 링크 29: https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/
- 원문 링크 30: https://www.morganlewis.com/pubs/2025/07/genius-act-passes-in-us-congress-a-breakdown-of-the-landmark-stablecoin-law
- 원문 링크 31: https://www.disruptionbanking.com/2026/02/21/clarity-act-showdown-march-1-red-line-on-stablecoin-yield/
- 원문 링크 32: https://bpi.com/4-things-to-know-about-crypto-market-structure-legislation/
- 원문 링크 33: https://occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125.html
- 원문 링크 34: https://www.clearygottlieb.com/news-and-insights/publication-listing/2026-digital-assets-regulatory-update-a-landmark-2025-but-more-developments-on-the-horizon
- 원문 링크 35: https://occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125a.pdf
- 원문 링크 36: https://www.tradingview.com/news/invezz:505306257094b:0-crypto-com-secures-conditional-occ-approval-for-us-national-trust-bank/
- 원문 링크 37: https://coingeek.com/sec-removes-more-stablecoin-guardrails-binance-plots-us-return/
- 원문 링크 38: https://www.theblock.co/post/385303/senate-unveils-new-draft-bill-stablecoin-reward
- 원문 링크 39: https://www.elliptic.co/blog/crypto-regulatory-affairs-us-congress-pushes-for-clarity-act-passage
- 원문 링크 40: https://www.tradingview.com/news/coinpedia:0bf0df517094b:0-white-house-sets-march-1-deadline-for-stablecoin-rewards-decision/
- 원문 링크 41: https://www.tradingview.com/news/cointelegraph:6b3e5e9e0094b:0-coinbase-usdc-revenue-could-7x-as-payments-grow-bloomberg-says/
- 원문 링크 42: https://seekingalpha.com/news/4555591-coinbase-revenue-from-stablecoins-could-likely-jump-sevenfold---report
- 원문 링크 43: https://contracts.justia.com/companies/coinbase-global-inc-12263/contract/1312241/
- 원문 링크 44: https://www.stocktitan.net/sec-filings/CRCL/8-k-circle-internet-group-inc-reports-material-event-6df891d00c97.html
- 원문 링크 45: https://www.barchart.com/story/news/301395/3-new-stocks-softbank-is-betting-big-on-in-2026
- 원문 링크 46: https://www.zacks.com/stock/research/CRCL/price-target-stock-forecast
- 원문 링크 47: https://www.quiverquant.com/stock/CRCL/forecast/
- 원문 링크 48: https://www.theblock.co/post/378751/jpmorgan-upgrades-target-circle-shares-overweight