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
