"The latest draft tightens rules around stablecoin yields, explicitly prohibiting interest, rewards, or any economically equivalent returns on passive stablecoin balances such as USDC or USDT."
"The updated language builds on earlier provisions from the GENIUS Act and is widely viewed as aligning with traditional banking interests, limiting competition from yield-bearing digital dollars."
"Crypto executives and analysts quickly flagged the language as restrictive, and market chatter tied it almost immediately to the drop in CRCL shares."
"Tether, issuer of the dominant USDT stablecoin, announced it had engaged a Big Four accounting firm for its first full financial statement."
Circle Internet Financial experienced a 20% drop in share price on March 24, 2026, marking its steepest decline since its IPO. The decline was driven by two main factors: updated language in the Digital Asset Market Clarity Act that restricts stablecoin yields and Tether's announcement of engaging a Big Four accounting firm for its financial statement. The regulatory changes threaten Circle's income from USDC reserves, while Tether's move raised concerns about market stability, contributing to the sell-off.
Read at news.bitcoin.com
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