Circle Shares Decline Amid Regulatory Concerns and Tether's Audit Announcement

Circle's shares concluded last week at $93.6, marking a decline of approximately 26% from their March 24 opening near $126. According to NS3.AI, this drop follows the introduction of a Senate draft bill that suggests a potential ban on passive stablecoin yields. In related developments, Tether announced it has engaged a major accounting firm to conduct its first audit of reserves. Analysts attribute the selloff to growing uncertainty surrounding Circle's business model.