Stock Track | Circle Internet Corp. Plummets 5.07% Intraday as China Escalates Stablecoin Crackdown

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Circle Internet Corp. (CRCL) shares plunged 5.07% during Monday's intraday trading session, underperforming amid a broader sell-off in crypto-related stocks.

The decline followed intensified regulatory scrutiny from China's People's Bank of China (PBOC), which reiterated its strict stance against stablecoins over the weekend. Thirteen Chinese authorities, including the PBOC and Ministry of Public Security, jointly classified stablecoins as illegal financial operations due to non-compliance with anti-money laundering (AML) and customer identification requirements. This directly impacts CRCL, which issues the USDC stablecoin.

The regulatory crackdown triggered sector-wide declines, with Bitcoin dropping 6% to $86,000 and other crypto stocks falling 4-10%. Analysts warn stablecoins' borderless circulation risks circumventing capital controls, amplifying systemic financial vulnerabilities.

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