Stock Track | Circle Internet Corp. Plummets 5.09% Intraday as UAE Launches Central Bank-Approved Stablecoin Rival

Stock Track01-29

Circle Internet Corp. (CRCL) saw its stock price plummet by 5.09% during Thursday's intraday trading session, reflecting significant market pressure on the cryptocurrency financial services company.

The sharp decline comes as Universal Digital Intl Limited launched USDU, the UAE's first central bank-approved stablecoin, creating direct competition with Circle's USDC stablecoin. The new UAE stablecoin has a regulatory advantage since it's officially registered by the Central Bank of the UAE as a Foreign Payment Token, while Circle only holds a money services provider license from Abu Dhabi Global Market.

This development means institutions requiring full compliance with UAE settlement regulations must use USDU or convert to fiat currency, potentially threatening Circle's expansion plans in the UAE and broader Middle East region where the company had planned to drive USDC adoption through payment services.

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