Circle's $1.21B Volume Ranks 87th in U.S. Equities as Crypto-Linked Shares Underperform Amid Regulatory Scrutiny

On September 23, 2025, Circle (CRCL) traded with a volume of $1.21 billion, ranking 87th among U.S. equities. The digital asset custody and payments platform closed down 4.85%, underperforming broader crypto-linked segments amid shifting macroeconomic sentiment.

Recent regulatory scrutiny over stablecoin reserves and evolving central bank policies have heightened market caution. Analysts noted that Circle’s exposure to U.S. dollar-pegged assets remains sensitive to liquidity dynamics in the broader financial system. The company’s recent partnership with institutional custodians failed to offset concerns over potential reserve management adjustments.

To run this back-test rigorously I need to pin down a few details that aren’t fully specified yet: 1. Universe • Should we consider all U.S. listed common stocks (NYSE + NASDAQ + NYSE Arca), or restrict the universe (e.g., only S&P 1500 constituents, only stocks above a certain market-cap, etc.)? 2. Ranking metric • You wrote “daily trading volume.” Do you mean: – Raw share volume, or – Dollar volume (shares × price)? 3. Execution price / timing • Do we buy at today’s close and sell at tomorrow’s close (close-to-close hold), or buy at tomorrow’s open and sell at tomorrow’s close (overnight hold)? 4. Transaction costs • Should we include a round-trip commission or bid-ask spread assumption? 5. Benchmark (optional) • Would you like the results compared against a specific index (e.g., SPY) or just reported in absolute terms? Once these points are clarified I can generate the data-retrieval plan and run the back-test.