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Circle Internet Group (CRCL) shares sank about 22% on Tuesday, its worst drop since June 2025, after fresh reports said a draft of the U.S. CLARITY Act could sharply limit or ban stablecoin yield and rewards. The sell-off hit one of the market’s highest-beta crypto-related stocks even as USDC circulation and on-chain usage continue to rise.
Trading data showed Circle at about $98.71 on the NYSE under ticker CRCL, down $27.93 (22.05%) on the day. The stock’s intraday low was near $98.31 after opening at $126.35, following a Monday close of $126.64. Market trackers also indicated the decline reached roughly 18% by midday, marking Circle’s largest one-day percentage drop since June 2025.
The move followed reports that the latest language of the CLARITY Act would restrict yield on stablecoins across exchanges, effectively limiting interest-style rewards on tokens such as USDC. Because USDC is central to Circle’s business model, investors appeared to treat the proposed limits as a direct threat to Circle’s stablecoin payments and rewards infrastructure.
Circle’s drop coincided with a wider sell-off in crypto-related equities. Coinbase (COIN) was down more than 7% to about $178.10, while Robinhood (HOOD) fell 4.7%, after the draft of the CLARITY Act circulated in Washington.
The price action contrasted with still-strong indicators for USDC. Yahoo Finance noted that Circle’s stock nearly tripled from its $31 IPO price on June 5, 2025, and at one point approached $299, supported by optimism around U.S. stablecoin legislation. Circle’s own Internet Financial System in 2026 report highlighted that USDC in circulation has expanded alongside rising reserve income.
Intellectia.ai cited Baird as saying USDC outstanding averaged $75.2 billion through March 15, up 6% since the firm’s last earnings report. Baird raised its price target on Circle to $138 from $110 and reiterated an Outperform rating, arguing there is a path to new revenue through products including Circle Payments Network and Arc Blockchain.
Reuters reported in February that Circle beat Wall Street expectations for fourth-quarter revenue, supported by stronger stablecoin circulation and higher interest income on reserves, sending the stock up nearly 30% in a single session at the time. Despite that, CRCL was trading below $100, roughly 35% under last week’s peak near $150 and more than 20% below earlier March intraday highs.
Even with USDC leading 2026 stablecoin flows and on-chain usage up 600% year-to-date, the stock’s sharp one-day decline underscored the market’s focus on regulatory risk—particularly the treatment of stablecoin rewards as quasi-banking—rather than only on token growth.
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