Vanguard's $400M CRCL Loss Flags Rate Risk in Stablecoin Earnings
ByAinvest
Saturday, Feb 14, 2026 6:07 pm ET1min read
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Vanguard's latest 13F filing reveals that its Circle (CRCL) stake is valued below cost, indicating an unrealized loss of over $400 million. The company's earnings engine is sensitive to interest rates, and a potential easing of policy by the Federal Reserve could impact revenue. Investors are focusing on the durability of earnings, liquidity of holdings, and the path of policy rates, with a debate centered on rate sensitivity, USDC usage patterns, and distribution concentration risk.
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