Circle Shares Plummet 22% Amid Stablecoin Regulation Fears and Tether's US Market Entry Speculation

Circle Internet Group shares fell 22% on concerns that proposed US legislation could prevent exchanges from offering rewards on stablecoins like USDC. The Clarity Act could make USDC less attractive to large holders, and competition from rival stablecoin issuers, such as Tether, also weighed on the stock. Bitcoin fell 2.8% to $68,906.31.