Subject: Institution: Circle Stock Price Plunge Possibly Misinterpreted, Stablecoin Regulation Primarily Targeting Issuer Side

BlockBeats News, March 25th, research institution Bernstein stated that the market may have misinterpreted the U.S. Clarity Act draft, leading to a previous 20% drop in Circle's stock price.

The analysis pointed out that the Act restricts stablecoin yield distributors, not issuers. Circle generates yield through investing reserve assets (such as U.S. Treasuries) and does not directly pay interest to coin holders, so its business model is minimally affected.

In contrast, platforms like Coinbase that offer USDC yield distribution may face greater adjustment pressure, with their current ~3.5% yield mechanism possibly needing restructuring. Bernstein believes that restricting "passive yield" may ironically weaken competitors' ability to attract liquidity, ultimately benefiting Circle in consolidating its market position in the long run.