Institution: Circle Stock Price Plunge May Be Misinterpreted, Stablecoin New Regulations Primarily Target Distribution End

MarsBitNews · 2026-03-25T12:36:15+00:00

Research firm Bernstein points out that the market misread the Clarity Act draft, leading to a sharp decline in Circle's stock price, but the bill is primarily targeted at yield distributors rather than issuers. The impact on Circle's business model is limited. In contrast, platforms like Coinbase need to restructure their yield mechanisms. In the long term, this could be beneficial for Circle's market position.

MarsBitNews

2026-03-25 12:36:15

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Mars Finance News, March 25 — Research firm Bernstein stated that the market may have misinterpreted the draft of the U.S. Clarity Act, leading to a nearly 20% drop in Circle’s stock price. Analysis indicates that the bill restricts the distribution of stablecoin yields (distributors), not the issuers. Circle earns returns by investing reserve assets (such as U.S. Treasuries) and does not directly pay interest to token holders, so its business model is minimally affected. In contrast, platforms like Coinbase that offer USDC yield distribution may face greater adjustment pressures, and their approximately 3.5% yield mechanism might need to be restructured. Bernstein believes that restricting “passive income” could actually weaken competitors’ ability to attract liquidity, which in the long run benefits Circle in consolidating its market position.

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