New York, March 3, 2026, 10:02 EST — Regular session
- Circle Internet Group slid roughly 4% in early trading Tuesday, paring gains after a steep rally.
- Earnings for the stablecoin issuer track U.S. interest-rate moves—now in flux as energy-driven inflation rattles expectations.
- Several executives and directors unloaded shares in late February, according to recent SEC filings, using pre-arranged trading plans.
Circle Internet Group slipped 3.9% to $92.38 early Tuesday, pulling back after the stablecoin issuer’s stock notched another sharp gain just a day earlier.
The drop is significant for Circle, given its earnings lean hard on “reserve income”—that’s the interest from assets supporting USDC, its stablecoin pegged to $1. As of year-end, Circle listed $75.3 billion USDC in circulation. For the fourth quarter, the company posted $770 million in revenue and reserve income, $733 million of that from reserve income alone, according to results published last week. circle.com
An oil-fueled inflation jolt is adding to the market’s headaches, as the U.S.-Israel conflict with Iran snarls up energy supplies and sends fuel costs higher. Traders are now dialing back expectations for central bank rate cuts. The upside for Circle: reserve asset yields could benefit. Still, risk appetite across the board has taken a hit. Reuters
Stocks tied to crypto took a hit as Circle struggled. Coinbase dropped 4.7%, Robinhood lost 4.8%, and PayPal edged down 0.9%. Bitcoin hovered around $66,708, off roughly 0.3%.
Brokers haven’t stopped adjusting forecasts after the rally. On Tuesday, Mizuho’s Dan Dolev kept his neutral stance on Circle but bumped his price target up to $100 from the previous $90, a research note showed. GuruFocus
Circle’s shares have turned into a fast-paced barometer for stablecoin appetite, as traders focus on both positioning and fundamentals. “Demand for stablecoins” is driving Circle’s surge, putting it “the real flavour of the month,” according to Sean Dawson, head of research at Derive, in comments to Decrypt. Decrypt
Insider sales popped up in filings this week after the stock’s rally. CFO Jeremy Fox-Geen unloaded 47,908 shares at $90 on Feb. 26, according to disclosures. President Heath Tarbert moved 10,753 shares for a weighted average of $90.14. Director Patrick Sean Neville logged 35,000 shares sold at $90, while director Rajeev Date reported offloading 23,254 shares at a weighted average price of $89.62. All the trades were marked as Rule 10b5-1 transactions — those are pre-set plans that let insiders schedule trades in advance. SEC
The interest-rate connection that benefits Circle as yields climb can just as quickly turn negative if markets pivot to quicker rate cuts. Investors are watching developments on U.S. stablecoin regulations, too, following the OCC’s proposed framework under the GENIUS Act. The public now has 60 days to comment once it hits the Federal Register. OCC.gov
Attention now turns to the Federal Reserve’s March 17-18 meeting, with investors eyeing the policy decision and press conference on March 18 for signals on rates and short-term yields. Those moves matter for Circle’s reserve income math. federalreserve.gov
