Why Circle Internet Stock Plummeted This Week
Shares of Circle Internet Group (NYSE: CRCL) fell this week, down 24.9% as of market close on Friday. The slide comes as the S 500 (SNPINDEX: ^GSPC) and Nasdaq-100 were up 3.4% and 4.2%, respectively.
The company, which went public earlier this month, is the sole issuer of USDC, one of the most popular stablecoins on the market. After an incredible post-IPO run, the company's stock retreated this week as investors grew wary of its valuation.
Last week, the Senate's passage of the Genius Act, which creates a legal framework for stablecoins and their use in the banking industry, sent Circle stock flying. This week, news that top Republicans want to fast-track the legislation through the House wasn't enough to keep Circle stock moving higher.
Source Fool.com
