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Circle Internet Financial, the issuer behind the USDC stablecoin—the second-largest dollar-pegged cryptocurrency—saw its stock, CRCL, tumble 22% on Tuesday to $98 after reports that lawmakers are moving to tighten rules around stablecoin yields.
The selloff followed reporting by Crypto in America journalist Eleanor Terrett that a revised draft of the Senate Banking Committee’s CLARITY Act would broadly prohibit platforms from offering yield directly or indirectly for holding stablecoins or assets that function like bank deposits.
According to the draft language as reported, the restriction would apply to digital-asset service providers and their affiliates, including exchanges, brokers, and similar firms. The proposal is designed to close potential workarounds by barring firms from providing anything economically or functionally equivalent to interest on stablecoin holdings.
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