Research firm Bernstein points out that the market misinterpreted the Clarity Act draft, causing Circle's stock price to plummet. The bill restricts stablecoin yield distribution, not issuance, so the impact on Circle's business model is limited. In contrast, a certain CEX needs to restructure its revenue mechanism. In the long term, restricting passive income may benefit Circle in consolidating its market position.

Gate News bot message. According to Gate official announcement dated March 26, 2026: Gate will launch USAT spot trading on March 26, 2026 at 17:00 (UTC+8), with the trading pair USAT/USDT. USAT is a stablecoin pegged 1:1 to the US dollar, backed by full reserve of short-term US Treasury securities, issued through a collaboration between the project and a digital asset bank regulated by the US Federal Reserve. USAT is issued on Ethereum, adopting the ERC-20 token standard, and is positioned as a stablecoin framework product compliant with the GENIUS Act requirements, aiming to achieve compliant institutional-grade on-chain settlement. The stablecoin is designed as a principal-protected digital cash equivalent for exchanges and institutions, and does not distribute returns to token holders. Gate is expected to enable USAT withdrawals on March 27, 2026 at 17:00 (UTC+8).

Circle Internet Group's stock price plummeted 20%, losing $4.6 billion in market value, due to a draft Digital Asset Market Transparency Act that prohibits providing passive yields to stablecoin holders. Despite short-term impacts on application restrictions, analysts believe the bill will build a regulatory moat for Circle and optimize its business model. Additionally, Tether has committed to accepting audits to enhance transparency. USDC's future performance will influence market trends.

10x Research analysis indicates that Circle is facing intensified stablecoin economic competition with a certain CEX. Circle's stock price declined due to CLARITY Act uncertainty, but the legislation could bring structural benefits. Circle supports stablecoin regulation in exchange for legitimacy, while the certain CEX prioritizes short-term profitability. Their business models are at odds; under regulation, Circle may forgo high-margin distribution in exchange for sustained "regulatory certainty" and drive institutional adoption and financial integration.

BlockBeats News: On March 25, following the release of the revised Clarity Act yesterday, which prohibits stablecoin issuers from directly or indirectly paying interest to users solely for holding stablecoins, CRCL fell sharply by 17.63%. However, Ark Invest, under Cathie Wood's leadership, bucked the market trend and increased its CRCL position, adding 116,000 shares of CRCL worth approximately $11.6 million.

Delaware State legislators have proposed the Delaware Payment Stablecoin Act (SB19), which aims to establish a state-level regulatory framework for stablecoin issuance. The legislation requires issuers to obtain licenses, maintain 1:1 reserve ratios, and conduct regular information disclosures. The bill works in coordination with federal regulations, positioning stablecoins as payment instruments to attract digital asset projects to the state, potentially making Delaware a significant registration hub.

Gate News: On March 24, Circle (CRCL) plunged over 16% intraday, marking its largest single-day decline since June 2025, currently trading at $106.1. Previously, the latest draft of the "CLARITY Act" showed a prohibition on earning yield solely for holding stablecoins.

This article summarizes cryptocurrency news for March 24, 2026, focusing on the latest Bitcoin updates, Ethereum upgrades, Dogecoin trends, cryptocurrency real-time prices, and price forecasts. Today's major events in the Web3 sector include: 1. BlackRock pushes the $20 trillion tokenization market, Larry Fink optimistic about lowering investment barriers; 2. BitMine Chairman Tom Lee: Ethereum's harsh winter is nearing its end, ETH price faces market test; 3. U.S. plans to ban stablecoin yields, "CLARITY Act" reshapes crypto business model boundaries.

XRP has not yet been classified as a financial instrument in Japan, and current regulations under the Payment Services Act still apply. The Japan Financial Services Agency has proposed reclassifying crypto assets by 2027 to strengthen oversight. The United States views XRP as a digital commodity, reflecting regulatory differences between the two countries. Investors should monitor how such developments impact XRP's potential value.

BitMine Chairman Tom Lee believes Ethereum may be at the tail end of the cryptocurrency winter. The company has recently increased its ETH purchases, demonstrating strong safe-haven characteristics. He is optimistic about the passage of the Clarity Act, which he believes will help improve Ethereum's fundamentals. Ethereum is currently trading at $2,138, though geopolitical tensions remain a source of uncertainty.