Peter Schiff is back at it again, with the cryptocurrency market the usual object of criticism from the popular financial commentator and gold expert. This time, however, it is not about Bitcoin, Ethereum, XRP or any other digital asset but the stock tied to USDC issuer Circle (CRCL).
Earlier this year, in June 2025, the company behind the second biggest stablecoin became available for its initial public offering on the New York Stock Exchange, and backed by optimism around the sector and such acts as GENIUS, quickly soared to highs around $300 per CRCL stock — a staggering 1,000% return from the IPO price.
However, in the next four months, the price action for the Circle stock met some serious selling pressure, and by November, its price dropped to as low as $86.3 — with the most severe drop happening this month, by 32%.
“Even those investors will be down”
Now, Peter Schiff came into the spotlight, citing Circle as an example that “crypto trade is over.” Yes, it is still up a quarter from the opening in June, and even 150% for those who participated in the IPO, says the gold expert.
But, he warns, if investors do not sell the CRCL stock soon, they will also be down, in Schiff’s opinion.
While the particular reasons behind Peter Schiff’s prediction on USDC issuer are not revealed in his latest X post, one can tie it to the expert’s overall rhetoric about the cryptocurrency market, which he basically sees as one big gamble.
Even though USDC is a stablecoin, backed by real dollars in a real bank, all these factors are still not enough to make it a credible asset in the eyes of Peter Schiff.