A recent SEC Form 4 filing has revealed moves from Circle’s leadership. Circle President Heath Tarbert sold $30.8 million worth of his CRCL shares. The sales were conducted gradually across 10 separate transactions between June 2025 and July 2026, with no open-market purchases recorded during that period.
Tarbert currently still holds around 503,000 shares of Circle. The executive sell-off comes as CRCL shares continue to decline on the stock exchange, plunging from a post-IPO peak of around $260 to the $62 range.
Circle shares dropped another 17.5% to $62.63. The price correction followed the market entry of a rival stablecoin product, alongside CRCL’s removal from several Russell Growth indices.
Encircled by 140 Companies
Circle’s flagship stablecoin, USDC, which currently boasts a circulating supply of $73 billion across 34 blockchain networks, now faces a new challenger. The Open Standard consortium has officially launched Open USD. The project entered the market backed by more than 140 major companies. The list of supporters includes leading players in the financial and tech sectors such as Visa, Mastercard, Stripe, BlackRock, BNY, as well as Circle’s own partner, Coinbase.
The arrival of Open USD quickly prompted analysts to revise their estimates. Mizuho lowered its price target for CRCL to $50, assessing that the revenue-sharing model offered by Open USD could squeeze Circle’s profit margins. JPMorgan took a similar step by trimming revenue projections for Circle and Coinbase. This decision followed a revised USDC revenue-sharing agreement tied to Hyperliquid balances.
Custody Charter and Company Direction
Amid intensifying competition, Circle secured regulatory green light on another front. On July 10, the company obtained final approval from the U.S. Office of the Comptroller of the Currency (OCC). This regulatory clearance enables the establishment of Circle National Trust, a federally chartered trust bank initially tasked with providing digital asset custody services.
Despite stock price pressure and well-funded competitors, management stated they remain on course. Tarbert emphasized that Circle is not changing direction and remains focused on long-term execution to build the financial infrastructure of the internet.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
