Bernstein: Market Misreads Stablecoin Regulatory Impact, Circle Stock Pullback May Be Overdone

金色财经_ · 2026-03-25T16:04:04+00:00

Crypto News: Following Circle's significant stock price pullback, investment bank Bernstein states that the market's interpretation of the U.S. stablecoin regulatory draft contains deviations, and the current sell-off may have exceeded fundamental risk. Previously, Circle's stock price fell approximately 20% in a single day, at one point approaching the $100 mark, primarily affected by provisions in the "Clarity Act" draft that would limit stablecoin balance yield. However, Bernstein points out that the rule targets distributors rather than issuers. Analysts emphasize the need to distinguish between stablecoin issuers and distribution platforms: Circle generates yield spread by investing approximately $80 billion in USDC reserves into short-term U.S. Treasury bonds, with related revenue of approximately $2.64 billion in 2025, but does not directly pay interest to token holders.

金色财经_

2026-03-25 16:04:04

Golden Finance reports that regarding the significant decline in Circle’s stock price, investment bank Bernstein stated that the market’s interpretation of the U.S. stablecoin regulation draft is biased, and the current sell-off may have already exceeded fundamental risks. Previously, Circle’s stock price dropped about 20% in one day, approaching the $100 mark, mainly due to the provisions in the draft of the Clarity Act that propose to restrict stablecoin reserve yields. However, Bernstein pointed out that this rule targets distributors, not issuers. Analysts emphasized the need to distinguish between stablecoin issuers and distribution platforms: Circle invests approximately $80 billion of USDC reserves in short-term U.S. Treasuries to earn interest margin, generating about $2.64 billion in revenue in 2025, but it does not pay interest directly to token holders.

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