Circle Internet reported $143 million in adjusted EBITDA for Q2 2026, slightly down from $151 million in Q1. The company minted $83 billion worth of USDC during the quarter, holding a 27% stablecoin market share, with USDC circulation standing at approximately $72 billion as of early August 2026, solidifying its position as the second-largest stablecoin globally. Circle’s business model relies on yield generated from US treasuries backing every USDC in circulation, making its earnings highly sensitive to interest rate conditions. The 5% sequential decline in adjusted EBITDA follows 24% year-over-year growth in the prior quarter.
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