Circle Internet Group posted $143M adjusted EBITDA in Q2 2026, minted $83B in USDC, and held a 27% stablecoin market share as a publicly traded

TD Cowen initiates Circle Internet Group at Buy with an $82 price target, citing 31% USDC CAGR and platform revenue diversification.

The bank said tokenized money market funds, Open USD and slower USDC growth could weigh on the stablecoin issuer's earnings.