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Circle stock falls 15%, snapping monster rally as Wall Street flags rising risk of stablecoin competition
Circle (CRCL) stock fell 15% on Tuesday, retreating from a stunning rally fueled by optimism over stablecoin regulation and adoption, as Wall Street shifted its focus to the rising risk of competition in the digital token space. Shares of the issuer of the USDC stablecoin (USDC-USD) snapped a three-day winning streak to close just above $223. The stock soared after the Senate passed the GENIUS Act last week — legislation that would establish a federal framework for digital tokens backed by assets such as the US dollar. “In the near term, we expect CRCL to continue trading off bullish momentum around stablecoin ... (full story)
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