Circle Stock Price Halves in 45 Days: USDC Circulation Plummets, DeFi Dependency Raises Concerns

Circle's stock price halved in 45 days, accompanied by a sharp decline in USDC circulation. Data shows that 75% of USDC flows through exchanges and DeFi protocols, with TVL shrinkage and security incidents amplifying market concerns. Although USDC has applications in compliant scenarios like institutional payments, its actual issuance growth heavily relies on DeFi activity, making it a barometer of the DeFi ecosystem.