# 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.
- Title: Circle Shares Drop 20% as Tether Audit and Yield Ban Loom
- Summary: 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…
- Keywords: circle, tether, usdt, usdc, kpmg, clarity act, yield ban, stablecoin, senate, circle stock drop 2026, startups, business
- Source: Startup Fortune — https://startupfortune.com/circle-shares-sink-20-as-tethers-audit-news-and-a-yield-ban-loom
- Published: 2026-10-11T21:23:29+00:00
- Read time: 1 min
- Topics: circle, tether, usdt, usdc, kpmg, clarity act, yield ban, stablecoin, senate, circle stock drop 2026, startups, business
## 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.
## Key takeaway

Circle shares sank 20% on March 24 as Tether's KPMG audit and Senate's yield ban draft pressured crypto markets.