Circle's sharp decline this time appears to be a single-day sentiment issue on the surface, but the real culprit 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 involved in payments, settlement, and on-chain USD entry points will all need to recalculate their economics. This direction faces short-term downward pressure. Before regulatory clarity lands, volatility will likely persist.