Circle heads for its worst day on record as stablecoin rival Tether announces audit milestone

Circle is tumbling after competitor Tether announced it has hired a Big Four accounting firm to audit USDT reserves for the first time. The move boosts Tether's credibility and creates competitive and sentiment pressure on Circle and other stablecoin issuers, likely weighing on their market valuations and investor confidence in the near term.

Analysis

Circle is tumbling after competitor Tether announced it has hired a Big Four accounting firm to audit USDT reserves for the first time. The move boosts Tether's credibility and creates competitive and sentiment pressure on Circle and other stablecoin issuers, likely weighing on their market valuations and investor confidence in the near term.