From Startup Fortune · · 1m 20s
Circle Shares Drop 20% as Tether Audit and Yield Ban Loom
Circle stock falls 20% after Tether completes audit and yield ban draft sparks crypto market shakeup.
In brief
Circle stock falls 20% after Tether completes audit and yield ban draft sparks crypto market shakeup. Circle shares sank 20% on March 24 as Tether's KPMG audit and Senate's yield ban draft pressured crypto markets. Originally reported by Startup Fortune.
Circle stock falls 20%
Circle's stock dropped just over 20% on march 24, closing at $101.24.
Tether completes KPMG audit
Tether hired kpmg to audit reserves for first time since 2014, completing full audit in august.
Senate draft bans stablecoin yield
Senate draft language bans stablecoin yield directly or indirectly, treating passive interest as bank deposits.
Tether's asset backing
Tether reported $187.75 billion in assets backing tokens as of june 30, 2026, including u.s. treasuries.
GENIUS Act requires audits
Genius act signed by trump in july 2025 requires foreign issuers to submit rigorous reserve audits to operate in u.s. market.
Circle's transparency model
Circle built business on transparent, bank-friendly model with third-party assurance for usdc reserves.
Tether's market dominance
USDT held 59% of stablecoin market at $184 billion, versus usdc's 24% share at $73 billion.
Senate vote stalls bill
Senate failed to advance clarity act on sept 15, 2026, in 49-50 procedural vote.
The short version
Circle shares sank 20% on March 24 as Tether's KPMG audit and Senate's yield ban draft pressured crypto markets.
