CRCL Stock Drops 18% as USDC Activity Jumps 600%

TLDR

• CRCL stock fell about 18% after a six-week rally of more than 100%.
• The shares traded near $104 to $110, down 35% from the recent $150 peak.
• USDC added about $4.5 billion in net supply year to date in 2026.
• ERC 20 stablecoin activity has surged 600% since March 2025.
• Circle reported $770 million in Q4 2025 revenue and beat earnings estimates.

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Circle Internet Group’s CRCL stock dropped about 18% after a steep rally, even as USDC usage surged 600% year over year. The shares traded near $104–$110 on March 24, down from last week’s peak near $150. The pullback followed a six-week surge of 100% to 160%, driven by analyst upgrades and stablecoin demand.

Circle Internet Group, CRCL

CRCL stock Pulls Back After Six-Week Rally

CRCL stock traded around $103 on March 24, according to KnockoutStocks data. The company held a market value of $27.7 billion during the session. The shares swung between $118.8 and $130.5 before settling lower.

The stock now trades about 35% below last week’s peak near $150. It also stands more than 20% below intraday highs reached earlier in March. MarketChameleon placed short-term support near $119.3 and resistance around $134. The range reflects sharp volatility following a parabolic rise.

USDC added about $4.5 billion in net supply year to date, according to Artemis and MEXC data. The increase ranks as the largest among stablecoins in 2026. Analysts estimate USDC now controls roughly 64% of adjusted stablecoin transaction volume.

ERC-20 stablecoin activity has climbed 600% since March 2025. Active addresses increased from about 85,000 to nearly 600,000 during that period. The data shows steady on-chain growth despite the recent equity decline.

Wall Street Flags Rate and Valuation Risks

Circle reported $770 million in revenue for Q4 2025, above the $745 million estimate. The company posted earnings per share of $0.43, beating the $0.35 forecast. The results exceeded expectations by nearly 23%.

A 158-year-old investment bank reaffirmed a “neutral” rating after the earnings release. The bank cited lower future interest rates and softer crypto prices as potential headwinds. It stated that falling yields could reduce interest income from USDC reserves.

Analysts said the recent rally had priced in strong execution on interest income and tokenization plans. They added that high valuations left little room for macro surprises. As a result, traders booked profits after the rapid advance.

CRCL stock recorded its first sharp correction since the rally began six weeks ago. The shares had gained more than 100% during that stretch. The current slide marks a reset following the rapid ascent.

USDC’s $4.5 billion net inflow remains in focus for market participants. Active address growth also remains a key metric for tracking usage. Circle’s next earnings updates will provide further data on revenue and reserve income trends.

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