# Circle Stock Crash: What Happened & Should You Buy?

Remember Circle Internet Group (CRCL)? It went public in June looking absolutely unstoppable — hit $298.99 just weeks later. Now? Down 76% from peak, sitting around $71.

The culprit? Two things.

**Interest rates are the silent killer.** Circle's revenue model is pretty straightforward: they hold cash from USDC stablecoin users and earn interest on it. When rates go up, they print money. When rates fall (which investors are pricing in), revenue gets crushed. Simple math.

The good news — USDC adoption is actually on fire. 108% growth in Q3 alone. So theoretically, more users could offset lower rates. But here's the thing: investors aren't betting on that. They're already pricing in a rate-cut scenario.

**Other headwinds:**
- Crypto's attention span is brutal. June's hot pick is September's forgotten coin.
- New competitors popped up (Bullish, Gemini Space Station, XRP ETFs)
- Valuation was *insane* at launch (~80x forward P/E), still expensive now

**The real talk:** Even at lower prices, this isn't a bargain. Circle is profitable and growing, but it's still a crypto play — high volatility, high risk. USDC's growth could stall. Interest rates could sink further. Nobody knows.

For most people? Skip it. Better opportunities exist.