Crypto
Circle Internet Group Stock Pulls Back After Strong Rally
Circle Internet Group Inc.'s (NYSE:CRCL) stock took a step back on Friday after a strong rally, dipping 1.91% to $101.26 in premarket trading.
The recent surge was driven by Bitcoin's move above $80,000 on Thursday, which boosted demand for Circle's USDC stablecoin.
A higher crypto price can increase trading activity and boost the company's reserve income, as it backs USDC primarily with cash and short-term U.S. government securities.
The Arc mainnet is scheduled to launch September 16, targeting cross-border payments and institutional tokenization.