Circle Internet Group (NYSE: CRCL), the company behind the USDC stablecoin, saw its shares fall nearly 7% on July 31 even as it announced a key regulatory milestone ahead of its upcoming quar
Circle Internet Group (NYSE: CRCL), the company behind the USDC stablecoin, saw its shares fall nearly 7% on July 31 even as it announced a key regulatory milestone ahead of its upcoming quarterly earnings.
The cryptocurrency firm is scheduled to report its second-quarter 2026 financial results on Aug. 5. Before the earnings release, research and brokerage firm Bernstein cut its price target on Circle stock by 25%, lowering it from $190 to $140.
Related: Analyst cuts Circle stock price target ahead of earnings
On July 31, Circle announced it had received a limited purpose trust charter from the New York Department of Financial Services (NYDFS) for Circle Internet Trust Company LLC, doing business as Circle New York Trust.
According to the company, the charter enables Circle New York Trust to operate as a regulated trust company under New York Banking Law.
Circle said the entity will oversee the reserves backing USDC, one of the world's largest stablecoins, while also providing digital asset custody services for institutional customers.
The company added that the approval strengthens its regulatory framework in the United States and supports its efforts to expand regulated digital financial infrastructure.
Despite the regulatory approval, Circle's stock failed to gain momentum.
Shares traded at around $60 during Friday's session, down nearly 7%, as investors shifted their attention to the company's upcoming earnings report and the reduced price target from Bernstein.
Source: YahooThe trust charter marks another step in Circle's regulatory expansion, but the market response suggests investors remain focused on the company's financial performance and outlook ahead of its Aug. 5 earnings release.
