🔥Circle's stock falls, the company behind the stablecoin USDC 🤔
As if it were the chart of a #criptomoneda falling, the price of the stock of @Circle USDC is going down, due to restrictions on yields according to the Clarity Act.
The issuer of the second most important stablecoin in the market #cripto (#USDC ) saw the stock price drop at the market opening, falling so far by more than 19%. According to
some media, this is because the Clarity Act agreement states that there will be no yield on stablecoin balances, allowing only rewards based on activity.
For some analysts, this weakens part of the bullish argument, as it complicates the evolution of the stablecoin USDC from a payment tool to becoming a true store of value product.
What I think is that traditional banks do not like at all that stablecoins, now entering a regulated field, have a higher yield rate (Not directly from Circle, but from other platforms) compared to the interest rates offered by these traditional banks. This could overshadow their business by taking away customers.
Did traditional banks win the battle?
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