CRCL plunged around 13% intraday
Bottom line: USDC has not depegged. The market is amplifying “earnings quality concerns + rate cuts weighing on reserve income” amid today’s broader crypto and tech risk-off selloff.
• According to CoinDesk/Benzinga: Q3 beat expectations on the surface, but about $182 million came from the presale of Arc tokens; excluding that, core reserve revenue was down about 8% year over year.
• Company disclosures show reserve yields fell to around 3.5% and about 5% of staff were laid off; USDC’s market share is under pressure—the market is repricing the stock, not reacting to a liquidity run.
• According to Yahoo intraday data: CRCL was around $65.99 (down about 13.3%); the stock was also caught up in today’s synchronized selloff in U.S. tech stocks and crypto, with high-beta stablecoin stocks taking a hit.
This is not investment advice.
Sources: SaiDotFun, Crypto101Q, and xiaoxian7788 on X; CoinDesk; Yahoo, 23:56 HKT
#CRCL #Circle #USDC #StrongBMedia
Bottom line: USDC has not depegged. The market is amplifying “earnings quality concerns + rate cuts weighing on reserve income” amid today’s broader crypto and tech risk-off selloff.
• According to CoinDesk/Benzinga: Q3 beat expectations on the surface, but about $182 million came from the presale of Arc tokens; excluding that, core reserve revenue was down about 8% year over year.
• Company disclosures show reserve yields fell to around 3.5% and about 5% of staff were laid off; USDC’s market share is under pressure—the market is repricing the stock, not reacting to a liquidity run.
• According to Yahoo intraday data: CRCL was around $65.99 (down about 13.3%); the stock was also caught up in today’s synchronized selloff in U.S. tech stocks and crypto, with high-beta stablecoin stocks taking a hit.
This is not investment advice.
Sources: SaiDotFun, Crypto101Q, and xiaoxian7788 on X; CoinDesk; Yahoo, 23:56 HKT
#CRCL #Circle #USDC #StrongBMedia
