Circle Internet Group posted $143 million in adjusted EBITDA for Q2 2026, a slight pullback from the prior quarter but enough to cement its lead as the dominant stablecoin player on public markets. The company minted $83 billion worth of USDC during those three months while controlling 27% of the overall stablecoin market, trading on NYSE under ticker CRCL.
That $143 million figure marks a 5% dip from Q1's $151 million, yet year-over-year growth still sits at 24% when you look at the comparable period. The gap between $83 billion in minting activity and only $72 billion in actual USDC circulation tells the real story here, massive redemptions happened in Q2. Compare that to Q1 when $77 billion was circulating, and you see the difference between gross issuance numbers and what customers actually hold.
Circle's entire business model hinges on one simple fact, every USDC token gets backed by cash reserves and short-term US Treasury holdings. In a higher-rate environment, those reserves kick off yield that lands straight on Circle's income statement rather than going to stablecoin holders. That's the lever that pulled in the $143 million. Lower interest rates flip the math entirely, less yield per dollar of USDC means the company would need faster circulation growth just to keep earnings steady.
Earnings hit the public record August 5 after an initial announcement on July 21. CEO Jeremy Allaire and CFO Jeremy Fox-Geen walked through the numbers on a live call, touching on forward guidance and next moves around the Circle Payments Network. Revenue came in at $694 million last quarter, and USDC now sits as the second-largest stablecoin globally by pure circulation volume.
This article is for informational purposes only and does not constitute financial advice or investment recommendations.
