Circle Internet Stock Tumbles on Disappointing Product Launch and Stablecoin Competition

Circle Internet's stock is sliding by 5.2% to $90.60 in morning trading, reversing yesterday's strong rally as investors take profits and weigh in on the company's underwhelming product launch.

The newly introduced cirBTC wrapped Bitcoin token has only 40 tokens in circulation, despite holding over 42.5 BTC across 14 addresses at a coverage rate of more than 106%.

This stark gap between reserve readiness and market uptake contrasts with established competitors like Coinbase's cbBTC, which dominate the Ethereum wrapped Bitcoin market with larger supplies and mature trading ecosystems.