Circle's sharp decline this time appears to be single-day sentiment on the surface, but behind it is the revenue-related clauses in the Clarity Act that have disrupted market expectations. Once the stablecoin track undergoes repricing, the impact won't be limited to issuers alone—projects focused on payments, settlement, and on-chain dollar entry points will all need to recalculate. This direction is short-term bearish; until regulatory clarification lands, volatility will likely continue.