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Circle stock price, and why it moves with interest rates
The Circle stock price reflects a business whose revenue comes largely from the interest earned on the reserves backing USDC, and the number on this page is a live perpetual future on that share rather than the listed quote.
Read from the exchange as this page rendered. A perpetual future on CRCL, the company behind the USDC stablecoin.
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Read from the Pacifica perpetual book at 2026-09-27 11:34 UTC, through our own keyless relay, and refreshed at most every five minutes. Any figure quoted from this page is accurate as of that time and not afterwards.
A stablecoin issuer is, financially, a rates business
USDC is backed by reserves held in cash and short-dated government paper, and the interest on those reserves is the bulk of what the company earns. That makes the share unusually sensitive to the policy rate: the same float generates materially less revenue when rates fall. Anyone reading this price as a pure bet on stablecoin adoption is missing the larger of the two drivers.
Float and rate pull in different directions
The two variables that matter are how much USDC is outstanding and what the reserves earn. Those do not move together, and they can offset: growing adoption into a falling-rate environment can leave revenue flat while every adoption headline looks good. The price above is the market's net judgement on both at once, which is worth remembering before attributing a move to whichever of the two was in the news.
A stablecoin company, priced on a venue that runs on stablecoins
The perpetual above is margined and settled in stablecoins, so the collateral behind the position and the product the company issues are close cousins. It is not a risk in ordinary conditions and it is a genuine correlation in bad ones: the moment that would most move this share is also the moment that would most stress the collateral it is traded against.
What this price is not
It is not the listed last trade, it carries no shareholder rights, and the venue does not publish how it derives the reference for this symbol. Use the exchange for the official price.
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