Circle shares drop 20% on draft CLARITY Act concerns as Canada readies QCAD

Circle shares fell 20% on Tuesday after reports that a draft CLARITY Act could limit certain stablecoin reward structures, while Bernstein argued the sell-off may be mispriced. Separately, Deloitte Canada and Stablecorp said they are working to integrate the Canadian dollar–pegged stablecoin QCAD into bank payment and settlement flows, as Canada moves toward a formal framework for fiat-backed digital assets.