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Circle Internet Group’s CRCL shares, which trade on the NYSE, have fallen after a multi-week rally fueled by optimism around stablecoins. As of March 24, CRCL changed hands around $104 to $110, down roughly 35% from last week’s peak near $150 and more than 20% below intraday highs reached earlier in March.
The pullback follows the stock’s surge of more than 100% to 160% over six weeks, driven by analyst upgrades and enthusiasm for Circle’s USDC stablecoin.
CoinCodex data indicates CRCL was trading at about $104, with a market capitalization near $27.7 billion. In the latest session, the shares swung between $118.8 and $130.5. MarketChameleon identifies short-term support near $119.3 and resistance around $134, underscoring how volatile CRCL has become following its parabolic move.
The correction contrasts with underlying strength in USDC, Circle’s dollar-pegged stablecoin. Artemis and MEXC data show USDC added about $4.5 billion in net supply year-to-date, the largest increase of any stablecoin in 2026. Analytics firms estimate USDC accounts for roughly 64% of adjusted stablecoin transaction volume, making it the dominant vehicle for moving dollars on-chain this year.
Broader on-chain metrics also point to momentum. ERC-20 stablecoin activity has risen 600% since March 2025, while active addresses have increased from around 85,000 to nearly 600,000.
In Q4 2025, Circle reported $770 million in revenue, above the $745 million estimate, and earnings per share of $0.43, beating the Wall Street forecast of $0.35 by almost 23%.
Even so, the article attributes the stock’s sharp decline to a combination of profit-taking after an extended run and concerns that CRCL’s valuation had begun to price in “flawless execution” on interest income, AI-driven payments, and tokenization—leaving limited room for macro or regulatory disappointments.
Not all investors are leaning into the USDC narrative. A 158-year-old investment bank reaffirmed a “neutral” stance on Circle, even after the earnings beat. The bank cited concerns about lower future interest rates and the risk that falling crypto prices could slow USDC supply growth.
Lower yields would directly affect Circle’s interest income on USDC reserves, described as a key profit driver in the current high-rate environment. This helps explain how CRCL can decline sharply even as USDC fundamentals appear to strengthen.
For traders, the next developments center on whether USDC growth can sustain the momentum that has supported the stock. Key items highlighted include:
The article frames the recent 18% drop as a potential reset after a vertical rally rather than a sign of immediate deterioration in the underlying business. However, if USDC growth weakens or the interest-income outlook deteriorates, the correction could mark the market beginning to reassess how much stablecoin upside is already reflected in CRCL’s price.
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