Circle Q2 Earnings Reveal Slight Dip in Adjusted EBITDA

Circle Internet Group has released its Q2 2026 earnings report, which shows $143 million in adjusted EBITDA. This figure is a slight dip from the previous quarter's $151 million.

The company also minted $83 billion worth of USDC during the quarter, capturing a 27% stablecoin market share.

Circle's total revenue 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.