Circle Internet Group (CRCL) Stock Slides Another 10% as xReserve, New Visa Deal and Citi Spotlight Collide

Circle Internet Group, the New York–listed issuer of the USDC and EURC stablecoins (NYSE: CRCL), is having one of its busiest—and bumpiest—days since going public.

On Wednesday, November 19, 2025, CRCL shares extended their month‑long decline even as the company rolled out new infrastructure for USDC, featured in a high‑profile Citi fintech conference, and saw its stablecoins integrated into fresh Visa payment rails.

Below is a full rundown of what’s happening around Circle today and how it fits into the bigger picture for CRCL stock.

Key takeaways today

CRCL stock is down roughly 10–11% intraday, trading in the high‑$60s, and is now about 40% lower over the past month and more than 75% below its 52‑week high near $299. ^[1]
Analysts and market commentators blame three main forces: heavy reliance on interest income as rate cuts loom, mounting regulatory scrutiny of stablecoins, and visible insider selling, alongside a recent Mizuho price‑target cut to $70 with an “underperform” rating. ^[2]
Fundamentals remain strong: in Q3 2025, Circle reported $740 million in revenue and reserve income (+66% YoY) and $214 million in net income (+202% YoY) with USDC in circulation at $73.7 billion (+108% YoY). ^[3]
Strategically, the day is packed with positive news: Circle’s CEO Jeremy Allaire appeared at Citi’s 14th Annual FinTech Conference; the company formally launched xReserve, a new interoperability infrastructure for USDC‑backed stablecoins; and Wirex went live with dual‑stablecoin settlement for Visa using USDC and EURC on Stellar, expanding real‑world payment usage. ^[4]

CRCL stock today: another leg down in a brutal month

In U.S. midday trading on November 19, Circle Internet Group shares were changing hands around $68–69, down roughly 10–11% on the day, after opening in the mid‑$70s. Data from Investing.com and MarketWatch show an intraday range roughly between $67.5 and $76.5, leaving CRCL close to its lowest levels since shortly after its June IPO. ^[5]

Over the last month, CRCL is down about 40%, according to several analyst notes and market commentary pieces that track the stock’s slide from the $110–$120 area into the high‑$70s and now the high‑$60s. ^[6]

Short‑term news flow around the stock today includes:

A Parameter.io note titled “Circle Internet (CRCL) Stock Drops 40% on Rising Costs and Interest Rate Concerns,” which highlights how concentrated Circle’s revenue remains in interest income from reserves backing USDC and other products, and warns that lower rates could squeeze margins. ^[7]
A short Ainvest update flagging that CRCL fell 5.85% intraday as investors grapple with regulatory pressures, competitive headwinds and insider selling following mixed market reaction to Q3 earnings. ^[8]
A Forbes/Trefis analysis under the headline “Interest Rates Pressuring Circle Stock?” noting that CRCL has dropped roughly 40% in a month and is now trading around the mid‑$70s as markets reassess how sensitive Circle’s earnings are to future Fed policy. ^[9]

Across platforms like MarketBeat and Google Finance, CRCL’s market capitalization sits in the high‑teens to low‑$20 billion range, placing it among the larger U.S. fintech names despite the drawdown. ^[10]

Why the market is turning on Circle: three big worries

1. Interest‑rate risk and revenue concentration

Circle’s Q3 report underscored a paradox that today’s commentary keeps circling back to: the company is growing fast, but a very large share of its top line is tied to interest rates.

For Q3 2025, Circle reported $740 million in total revenue and reserve income, up 66% year‑over‑year, driven largely by the yield earned on assets backing USDC and other products. Net income jumped to $214 million, up 202%. ^[11]
Several research pieces—including notes summarized by Seeking Alpha and stock‑analysis aggregators—estimate that more than 90% of Circle’s revenue still comes from interest on reserve assets, making the business highly sensitive to any downward shift in rates. ^[12]

Today’s sell‑off is happening against a backdrop where markets are increasingly pricing in lower U.S. interest rates over the coming year. Commentators like Trefis and Forbes argue that investors are recalibrating how sustainable current earnings power will be once reserve yields normalize, which could compress valuation multiples for CRCL. ^[13]

2. Regulatory pressure on stablecoins

Another recurring theme in today’s coverage is regulation. A detailed note by Simply Wall St asks whether “regulatory pressure and insider moves” are reshaping Circle’s competitive edge in stablecoins. It highlights that while Q3 earnings showed strong growth, investors remain focused on: ^[14]

The new U.S. stablecoin framework (GENIUS Act) and how bank‑like capital and oversight rules could increase compliance costs for issuers like Circle. ^[15]
Cross‑border rules such as the EU’s MiCA regime, which Circle has embraced by becoming an e‑money institution in France, but which also locks the company into stricter regulatory guardrails globally. ^[16]

At the same time, regulatory clarity is also a strategic asset. An educational article from OKX’s research team published today notes that USDC’s growth has been closely linked to Circle’s “compliance‑first” stance, positioning it as one of the most institution‑friendly stablecoins compared with offshore alternatives. ^[17]

The tension between higher regulatory costs and greater institutional trust is front and center in how markets are trying to value Circle—and it’s clearly weighing on CRCL on a day when broader crypto markets are also under pressure, with Bitcoin slipping back below $90,000 in one of the worst corrections since 2017. ^[18]

3. Insider selling and lock‑up overhang

Investors paying close attention to ownership have been spooked by a flurry of insider sales in November:

Director Patrick Sean Neville sold 33,569 shares on November 13 for about $2.85 million, according to an Investing.com insider‑trading report. ^[19]
Director Rajeev Date sold 190,867 shares on November 14 for roughly $16 million, trimming his position by about 60%. ^[20]

MarketBeat estimates that insiders have sold over $31 million of stock in the past three months, with no offsetting insider purchases disclosed over the same period—a pattern today’s articles repeatedly flag as a headwind for sentiment. ^[21]

All this is happening just weeks before the IPO lock‑up expiry in early December, after which early investors and executives gain more flexibility to sell. That looming supply overhang is another factor being cited in bearish short‑term views on CRCL. ^[22]

The bullish side: xReserve, Visa settlement and real‑world USDC usage

While the stock is selling off, Circle’s product and partnership news today is notably positive—and could shape the long‑term thesis for CRCL beyond interest income.

Circle launches xReserve for interoperable USDC‑backed stablecoins

Circle has formally launched xReserve, a new interoperability infrastructure that lets blockchain teams issue their own stablecoins backed 1:1 by USDC held in a Circle‑managed smart contract. ^[23]

Key points from Circle’s own announcement and today’s crypto‑media coverage:

xReserve aims to simplify the launch of native, USDC‑backed stablecoins on multiple chains, with reserves held on‑chain in a transparent contract deployed by Circle. ^[24]
The design is explicitly interoperable with USDC itself, meaning liquidity and user balances can more easily move across chains and into these new local stablecoins. ^[25]
Early integrations include enterprise‑focused networks such as Canton, with more ecosystems expected to follow in the coming weeks. ^[26]

Analysts see xReserve as a way for Circle to deepen its role as the “base layer” of digital dollars across chains, potentially opening fee streams beyond simple reserve interest if usage scales across partner networks.

Wirex and Visa go live with USDC and EURC settlement on Stellar

In a separate development today, Wirex announced that it has activated dual‑stablecoin settlement for its Visa cards using Circle’s USDC and EURC on the Stellar network, bringing on‑chain settlement to more than 7 million users. ^[27]

According to the announcement:

Card payments for Wirex Visa users will now be settled directly in USDC and EURC on Stellar, replacing slower, traditional correspondent‑bank rails.
The integration enables near real‑time, 24/7 settlement with lower fees, while keeping the end‑user experience unchanged—users still spend with their cards as usual. ^[28]

For Circle, this is another proof point that regulated stablecoins are creeping deeper into mainstream payments infrastructure, not just trading and DeFi.

Citi & Swift complete digital asset trial using USDC

Adding to that theme, Citi and Swift revealed today that they had completed a digital asset pilot that used USDC from Circle on a dedicated test network to move tokenized funds more efficiently across borders. ^[29]

While still in the trial phase, the project underlines how large banks and financial‑market utilities are experimenting with USDC for wholesale and institutional use cases, an important part of Circle’s long‑term growth story.

Market debate: are Circle’s fundamentals being mis‑priced?

Q3 2025 by the numbers

For all the near‑term volatility, most commentators acknowledge that Circle’s operating performance looks strong on paper:

USDC in circulation: $73.7 billion at quarter‑end, up 108% year‑over‑year.
Total revenue and reserve income: $740 million, up 66% YoY.
Net income: $214 million, up 202% YoY.
Adjusted EBITDA: $166 million, up 78% YoY, with an adjusted EBITDA margin around 57%. ^[30]

The company has also been expanding its product set beyond USDC:

It issues EURC, a euro‑denominated stablecoin, and USYC, a tokenized yield‑bearing money‑market fund. ^[31]
Circle is building Arc, its in‑house blockchain aimed at large‑scale stablecoin and payment applications, currently in public testnet with early institutional partners like Visa, BlackRock, HSBC, AWS and Anthropic, according to recent coverage. ^[32]

Yet despite those metrics, CRCL has sold off sharply since the Q3 release on November 12, with Nasdaq and Barron’s both noting that investors were rattled by Circle’s updated 2025 operating‑expense outlook and its continued reliance on reserve yields. ^[33]

Analysts split between long‑term growth and near‑term risk

Today’s articles capture a deeply divided analyst community:

Mizuho Securities reiterated an “underperform” rating and slashed its price target to $70, warning that the market may be overestimating medium‑term USDC growth and underestimating competitive and regulatory risk. ^[34]
A TipRanks breaking‑news summary highlights mixed analyst opinions, noting that while many still rate CRCL a Buy or Hold, the technical picture has turned “strong sell” in their momentum models. ^[35]
MarketBeat’s consensus data shows a “Hold” rating on average, with a consensus price target above $140, implying substantial upside from current levels if Circle executes on its growth roadmap. ^[36]

On the valuation side, Simply Wall St argues that even after the recent pullback, Circle could still be trading significantly above its intrinsic value estimate—by roughly 45%—depending on how regulatory and revenue risks play out, while acknowledging the company’s “high growth potential” and “flawless balance sheet.” ^[37]

Capital flows: institutional dip‑buying vs insider selling

Even as insiders trim positions, some institutional investors are treating the sell‑off as an opportunity:

Cathie Wood’s Ark Invest disclosed purchases last week of about 353,000 CRCL shares worth roughly $30.5 million across three ETFs after the stock fell around 12% post‑earnings. ^[38]
A new trade‑filing summary from The Block today shows Ark added a further $3.1 million in Circle shares on Tuesday, alongside fresh buys of Coinbase and Bullish, as part of a broader bet on regulated crypto infrastructure. ^[39]

This split behavior—insiders selling, institutions selectively buying—is a big part of why CRCL is so volatile today: short‑term traders are leaning into the bearish narrative, while some long‑term funds are quietly building positions at lower prices.

Jeremy Allaire in the spotlight at Citi’s 14th Annual FinTech Conference

Another focal point for CRCL watchers today is CEO Jeremy Allaire’s appearance at Citi’s 14th Annual FinTech Conference in New York.

Circle’s investor‑relations calendar shows a fireside chat scheduled for 11:15 a.m. ET on November 19, with a webcast available to investors. ^[40]
A brief summary from Simply Wall St notes that Allaire used the conference platform to address industry challenges and discuss the company’s latest quarterly results, in line with the themes dominating today’s news cycle: regulation, competition, and the path from reserve revenue to broader platform income. ^[41]

With Q3 numbers now digested and xReserve freshly unveiled, analysts will be listening closely for any updated guidance on:

How quickly Circle expects non‑reserve revenue—from products like Arc, xReserve and network‑level fees—to grow as a share of the total.
The company’s view on the interest‑rate path and how it is planning for a lower‑yield environment.
Circle’s strategic position under the new U.S. stablecoin regime and MiCA in Europe.

5 things for CRCL investors and watchers to monitor after today

For readers following Circle Internet Group beyond today’s headlines, here are the key drivers to watch in the coming weeks:

Interest‑rate expectations
Any shift in market expectations for Fed policy is likely to impact CRCL disproportionately compared to more diversified fintechs, given its revenue concentration in reserve yields. ^[42]
Regulatory developments on stablecoins
Implementation details of the GENIUS Act in the U.S. and MiCA in Europe will determine how capital‑intensive and “bank‑like” Circle’s business becomes—and how wide the moat is versus competitors. ^[43]
Adoption of xReserve and Arc
Watch which chains and ecosystems sign up for xReserve, and how quickly Circle’s Arc network moves from testnet with partners like Visa and BlackRock toward production volume. These are key to diversifying revenue away from pure interest income. ^[44]
USDC usage in real‑world payments
The Wirex‑Visa rollout and Citi/Swift trials using USDC show how much room there is for stablecoins in everyday payments and institutional settlement. The more that usage grows, the more durable Circle’s business may look beyond speculative crypto cycles. ^[45]
Insider activity around the lock‑up expiry
December’s lock‑up expiration will be a crucial sentiment test. Continued heavy insider selling could reinforce the current bearish narrative, while stabilization or new insider buying would likely be seen as a strong confidence signal. ^[46]

Final word

Today’s action in Circle Internet Group (CRCL) is a reminder of how hard it is for markets to price a company that sits right at the intersection of high‑growth crypto infrastructure and traditional interest‑rate‑driven finance.

On one side of the ledger, Circle is reporting explosive growth in USDC circulation, strong profitability and a rapid roll‑out of new infrastructure like xReserve and Arc. On the other, investors are grappling with rate risk, regulatory unknowns, and insider selling, all amplified by a sharp correction in crypto‑linked equities.

Whether today marks a turning point or just another step in a longer re‑rating will depend on how quickly Circle can shift from being seen primarily as a “yield on reserves” trade to a broader, diversified internet‑scale payments platform.

Disclaimer: This article is for informational purposes only and does not constitute financial, investment or trading advice. Always conduct your own research or consult a licensed financial adviser before making investment decisions.