Stablecoin issuer Circle saw its stock take a 20% dive Tuesday following a double shot of potentially concerning news for the firm behind the prominent USDC stablecoin.

As of the close of trading, CRCL changed hands for $101.24, falling just over 20% on the day—and it’s ticking down further in after-hours trading thus far, as of this writing. Shares of the closely aligned crypto exchange Coinbase also fell nearly 10% on the day, finishing at $181.04.

Early Tuesday, stablecoin rival Tether—issuer of the largest stablecoin by market cap, USDT—said that it had agreed to undergo a full audit by an unnamed “Big Four” accounting firm, one of the last potential hurdles to compliance with the U.S. GENIUS Act. That could make…