Regarding the sharp pullback in Circle's stock price, investment bank Bernstein stated that the market's interpretation of the draft US stablecoin regulations is flawed, and the current sell-off may have exceeded fundamental risks. Previously, Circle's stock price fell by approximately 20% in a single day, briefly approaching the $100 mark, mainly due to the proposed restrictions on stablecoin balance yields in the Clarity Act draft. However, Bernstein pointed out that the rule targets distributors, not issuers. Analysts emphasized the need to distinguish between stablecoin issuers and distribution platforms: Circle earns interest rate spreads by investing approximately $80 billion of its USDC reserves in short-term US Treasury bonds, with related revenue expected to reach approximately $2.64 billion in 2025, but it does not directly pay interest to stablecoin holders. (The Block)