Circle Internet Group just dropped its Q2 2026 earnings, and the company posted $143 million in adjusted EBITDA, reinforcing its position as the dominant publicly traded stablecoin issuer on the NYSE under ticker CRCL. The company minted $83 billion worth of USDC during the quarter, capturing a 27% stablecoin market share.
The numbers in context
That $143 million adjusted EBITDA represents a slight dip from Q1 2026, when Circle posted $151 million on $694 million in revenue. That Q1 figure itself marked a 24% year-over-year increase in adjusted EBITDA. As of early August 2026, USDC’s total circulation stood at approximately $72 billion, confirming USDC’s position as the second-largest stablecoin globally.
The gap between $83 billion minted and $72 billion in circulation suggests significant redemption activity during the quarter. Q1 2026 had reported $77 billion in USDC circulation, making minting volume and circulation distinct metrics: minting captures gross issuance, while circulation reflects the net amount outstanding at any given time.
Circle’s public market journey
The earnings were disclosed following an initial announcement on July 21, 2026, with the full results dropping on August 5. CEO Jeremy Allaire and CFO Jeremy Fox-Geen were expected to provide additional commentary on a live earnings call, covering forward guidance and strategic priorities including the Circle Payments Network.
Circle’s reserve income model is built on the fact that every USDC in circulation is backed by cash and short-term US treasuries. In an elevated interest rate environment, those reserves generate yield that flows directly to Circle’s top line, not to USDC holders.
What this means for investors
The sequential decline from $151 million to $143 million in adjusted EBITDA is a roughly 5% dip against a backdrop of 24% year-over-year growth in the prior quarter. Circle’s revenue model is heavily interest-rate dependent: lower rates mean lower revenue per dollar of USDC in circulation, which means Circle would need to grow circulation faster just to keep earnings flat.