$Circle(CRCL.US)Circle‘s better-than-expected Q3 results were overshadowed by a 12% stock plunge on November 13, the largest since June. Investors worry falling interest rates will pressure profits, given Circle’s heavy reliance on U.S. Treasury returns, with reserve yields already down to 4.15%. While USDC circulation growth boosted revenue, rising costs and softer FY2025 guidance concerned analysts. Circle is responding by diversifying into blockchain payments, with its founder stressing network growth matters more than rates. The investment thesis suggests Treasury returns are priced in; future value depends on monetizing Circle‘s stablecoin position through transactions and value-added services.