A new US rule wiped $5B off Circle — but it may hurt Coinbase more

Circle, the issuer of USD Coin (USDC) stablecoin, saw its stock plunge 20% this week, erasing $5 billion in market capitalization in its steepest intraday drop since going public. The sell-off happened on the same day Tether announced it had secured a ‘Big Four‘ accounting firm to undertake a full audit of USDT. According to Mario Stefanidis of research firm Artemis, the sell-off was triggered by leaked regulat…