Circle Stock Tests $90 as Treasury Yields Reach 22-Year High

Key Points

• CRCL closed at $91.72 on September 23, down 3.03%, while premarket trading later tested the $90 area.
• The 30-year U.S. Treasury yield reached 5.444%, its highest level since 2004.
• Circle generated $668 million in Q2 2026 reserve income, while USDC circulation continued to expand.

Circle Internet Group shares are approaching an important technical area after U.S. Treasury yields climbed to multi-year highs. CRCL closed at $91.72 on September 23, while premarket trading on Thursday moved around $90. The pressure followed a sharp increase in long-term borrowing costs after stronger U.S. economic data increased expectations for tighter monetary policy. For Circle, the market reaction is particularly relevant because its business is closely linked to USDC, reserve assets and activity across digital-asset markets.

Treasury Yield Reaches 5.444%

The 30-year U.S. Treasury yield climbed to 5.444% on September 24, its highest level since 2004. The 10-year Treasury yield also moved above 5.1%, showing that the selling pressure was concentrated across longer-dated U.S. government bonds.

The move followed stronger U.S. economic data. The S&P Global U.S. Composite PMI rose from 56.0 in August to 58.4 in September, marking the strongest expansion since July 2021.

S&P Global also reported faster growth in input costs. Stronger economic activity combined with renewed cost pressures can make investors reassess expectations for Federal Reserve policy.

Higher Treasury yields can also make government bonds more attractive relative to equities, particularly companies whose valuations depend heavily on future growth expectations.

Circle Reserve Income Stays Strong

Interest rates have a direct connection to Circle’s financial performance because the company earns income from assets backing USDC.

Circle reported $668 million in reserve income during the second quarter of 2026, representing a 5% increase from the same period a year earlier. The company said higher average USDC circulation supported the increase, although a lower reserve return rate partly offset the benefit.

USDC circulation reached $73.3 billion at the end of June, up 19% year over year. Circle’s transparency data subsequently showed circulation at approximately $74.6 billion in September.

The reserves supporting USDC include short-duration U.S. Treasury securities, Treasury repurchase agreements and cash. Consequently, interest-rate movements can influence Circle’s reserve income, although the effect depends on both reserve yields and the amount of USDC in circulation.

CRCL Tests the $90 Support Area

CRCL finished September 23 at $91.72, after trading between $91.53 and $97.45 during the session. The $90–$91 area is now the immediate level to monitor. A sustained move below $90 would weaken the short-term price structure and could expose the stock to additional selling.

If buyers defend the area, $95 becomes the first recovery level, followed by the psychologically important $100 mark. The stock remains sensitive to movements in Treasury yields, the U.S. dollar and the broader cryptocurrency market.

These factors can affect CRCL independently of Circle’s company-specific fundamentals because investors often treat the stock as an equity linked to the wider digital-asset sector.

Crypto Market Adds Pressure

The broader cryptocurrency market has also weakened alongside rising bond yields. Bitcoin and Ethereum remain important market indicators for Circle because USDC is widely used across cryptocurrency exchanges, decentralized finance and blockchain applications.

A sustained decline in crypto-market activity could reduce demand for stablecoin transactions, while continued USDC adoption could provide a counterbalance.

This creates two opposing forces for Circle. Higher rates can support income earned on USDC reserves, while weaker risk appetite and reduced crypto activity can pressure trading volumes and the valuation of CRCL shares.

Conclusion

Circle stock is testing an important $90 support area as the 30-year Treasury yield reaches 5.444%, its highest level since 2004. The bond-market pressure creates a short-term headwind for CRCL, but Circle’s financial position has a different relationship with interest rates because its reserve income benefits from assets backing USDC.

The immediate technical levels are $90 on the downside and $95–$100 on the upside. Meanwhile, investors will continue watching Treasury yields, Federal Reserve expectations, USDC circulation and cryptocurrency-market activity to assess the next phase for CRCL. Circle’s expanding stablecoin business remains the company’s primary fundamental driver, while interest rates and broader risk sentiment remain important factors for the stock’s near-term price action.