Stock Track | Circle Internet Corp. Plummets 5.05% Intraday Following Record $4B USDC Transfer to Coinbase

Stock Track06-12 23:51

Circle Internet Corp. (CRCL) shares plummeted 5.05% during intraday trading on Friday, marking a significant decline for the stablecoin issuer.

The sharp drop follows news that Circle moved approximately $4.4 billion in USDC to a Coinbase address through HyperEVM, in what analytics firm Arkham described as the largest USDC transaction ever recorded. This massive transfer of stablecoin reserves has raised investor concerns about treasury management and liquidity strategies at the company.

The transaction appears connected to Coinbase's expanded role as Hyperliquid's official USDC treasury deployer under its Aligned Quote Asset framework. While this arrangement aims to strengthen USDC's position as the preferred stablecoin for onchain capital markets, the unprecedented scale of the transfer has likely unsettled investors, contributing to the sell-off in CRCL shares.

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