Circle Internet Corp. (CRCL) shares plummeted 5.04% during intraday trading on Thursday, continuing a recent trend of volatility for the stablecoin issuer.
The selloff appears to be driven by ongoing market concerns about potential regulatory restrictions on stablecoin yield. According to recent reports, Circle's stock had previously cratered approximately 22% earlier in the week following the release of a tougher draft of the CLARITY Act, which raised the prospect of banning stablecoin yield.
Bitwise Asset Management has argued that the market reaction may be overdone, suggesting Circle could reach a $75 billion valuation by 2030 despite the current legislative uncertainty affecting investor sentiment toward the company's business model.
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