Why Circle Internet Stock Is Plummeting Today
Shares of Circle Internet Group (NYSE: CRCL) are falling today, down 9.1% as of 2:57 p.m. ET. The drop comes as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) were relatively flat.The company, which IPO'd earlier this month, is the sole issuer of USDC, one of the most popular stablecoins on the market. Circle stock's recent massive run-up was tempered after a report critical of stablecoins was released from an international banking organization.The Bank for International Settlements (BIS), owned by 63 central banks from around the world, issued a report yesterday that questioned the supremacy of stablecoins as the digital answer for the modern economy. The report was encouraging of the use of "tokenization" and the digitalization of money, but said that stablecoins fall short in important ways.Continue reading
Shares of Circle Internet Group (NYSE: CRCL) are falling today, down 9.1% as of 2:57 p.m. ET. The drop comes as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) were relatively flat.
The company, which IPO'd earlier this month, is the sole issuer of USDC, one of the most popular stablecoins on the market. Circle stock's recent massive run-up was tempered after a report critical of stablecoins was released from an international banking organization.
The Bank for International Settlements (BIS), owned by 63 central banks from around the world, issued a report yesterday that questioned the supremacy of stablecoins as the digital answer for the modern economy. The report was encouraging of the use of "tokenization" and the digitalization of money, but said that stablecoins fall short in important ways.
