Gate News Report, March 25 — Research firm Bernstein stated that the market may have misinterpreted the draft of the U.S. Clarity Act, leading to a nearly 20% drop in Circle’s stock price earlier. Analysis indicates that the bill restricts the distribution of stablecoin yields (distributors), not the issuers. Circle earns returns by investing reserve assets (such as U.S. Treasuries) and does not directly pay interest to token holders, so its business model is minimally affected. In contrast, platforms like certain CEXs that offer USDC yield distribution may face greater adjustment pressures, and their approximately 3.5% yield mechanisms might need restructuring. Bernstein believes that restricting “passive income” could actually weaken competitors’ ability to attract liquidity, which in the long run could benefit Circle in consolidating its market position.
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