New York, January 15, 2026, 9:29 PM (EST) — The market has closed.
- Shares of Circle Internet Group dropped 9.7%, closing Thursday at $76.60.
- A Senate panel delayed discussion on a crypto market-structure bill following a withdrawal of support from Coinbase’s CEO, reigniting attention on stablecoin “rewards.”
- Lawmakers are working against the clock, with new bill text due by January 21 and a committee markup scheduled for January 27.
Shares of Circle Internet Group, Inc. dropped 9.7% on Thursday, ending the day at $76.60. The stock fluctuated between $84.74 and $76.22 during trading.
The drop followed the U.S. Senate Banking Committee’s decision to postpone the “markup” session—where senators hash out amendments and vote on the bill text—for the Digital Asset Market Clarity Act. This came just hours after Coinbase CEO Brian Armstrong publicly stated the exchange could not back the bill “in its current form.” Armstrong warned the draft would restrict rewards on dollar-pegged stablecoins, telling senators, “We’d rather have no bill than a bad bill,” according to Senate aides and industry lobbyists. 1
Circle’s role as a pure-play stablecoin issuer is key here. Its USDC stablecoin is designed to maintain a steady value by pegging to the U.S. dollar. According to its quarterly filing, the company generates income from interest and dividends on the assets held in reserve accounts backing those stablecoins. 2
Crypto-linked stocks dragged the broader market lower. Coinbase dropped 6.5%, Robinhood lost 7.8%, and bitcoin slipped roughly 0.9%.
The Clarity Act debate has morphed into a tussle over what qualifies as “rewards” and who should regulate the market. Earlier this week, Blockchain Association CEO Summer Mersinger described the draft bill’s rollout as a result of “the relentless pressure campaign by the Big Banks” targeting the “eliminat[ion of] stablecoin rewards.” 3
Beyond Washington, major payments players are still gauging how stablecoins might fit into the broader economy. Visa’s crypto chief, Cuy Sheffield, told Reuters on Wednesday that the company is integrating stablecoin settlement within its current infrastructure. He highlighted a $4.5 billion annualized run rate for Visa’s stablecoin settlements. Sheffield also revealed that Visa kicked off a pilot last December allowing select U.S. banks to settle with Visa via Circle’s USDC. 4
Circle debuted on the NYSE in June 2025, pricing its upsized IPO at $31 per share and trading under the ticker CRCL. 5
Still, the stock acts as a stand-in for policy shifts and sentiment swings. Tightening rules on how platforms market or promote stablecoin use could dent growth forecasts. At the same time, a drop in short-term rates would pressure the reserve income model that investors closely follow.
U.S. markets remain closed, with Friday’s trading still ahead. Attention now turns to Capitol Hill, where Senate Agriculture Committee Chairman John Boozman announced plans to unveil legislative text by the end of January 21. The committee is set to hold a markup session on Tuesday, January 27, at 3 p.m. 6
