Circle stock sinks 10% amid analyst downgrade, Drift Protocol probe

The stablecoin issuer faces pressure after a stock downgrade and Drift Protocol exploit fallout, raising concerns over USDC exposure, crypto regulation and market risk.

Shares of stablecoin issuer Circle Internet Group fell sharply Thursday following a Wall Street downgrade and reports tied to a legal probe connected to a recent crypto exploit.

Circle’s stock price closed near session lows in Nasdaq trading, falling 9.9% to $85.10.

The decline adds to a broader slide in the company’s shares, which are down nearly 24% over the past month and about 43% over the past six months, reflecting continued volatility after Circle’s high-profile public debut last year.

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