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Circle's stock price fell by 15%, the Bank for International Settlements warned of the risks of stablecoin causing the stock market frenzy to cool down
Gate News bot news, according to CoinDesk, the stock frenzy of stablecoin company Circle (CRCL) is showing some signs of cooling down.
The company's stock price fell 15% on Tuesday after hitting a record high of $299 on Monday, continuing the previous pullback, which had already seen the stock price drop by about 25% from its peak. However, the current stock price of $223 is still over 600% higher than the IPO issue price earlier this month.
This decline is not surprising, as some analysts have noticed that the stock is overvalued compared to peers, and Ark Invest has been continuously selling stocks worth over $300 million since the IPO.
However, Tuesday's decline coincided with renewed doubts from the Bank for International Settlements (BIS) about the future of Stable Coin. BIS is a financial institution owned by central banks around the world.
The Bank for International Settlements said in a press release on Tuesday, "Stable Coins, as a type of stablecoin, have shortcomings. Without regulation, they pose risks to financial stability and the sovereignty of coin. The institution believes that these representative coins cannot guarantee a one-to-one parity with central bank coins, may have difficulty coping with liquidity under pressure, and lack the necessary control measures to prevent financial crimes.
However, the Bank for International Settlements advocates central bank reserves, commercial bank coin and government bond tokenization, and views it as the "next logical step" in financial innovation.
The author wrote, "If regulated, Stable Coin may eventually play a supporting role in the financial system's hinterland." And added, "In addition to serving as a gateway to the cryptocurrency ecosystem, their future role is still unclear."