After soaring in the wake of its blockbuster initial public offering, Circle Internet Group stock has swiftly come back to Earth. Circle issues the USDC stablecoin, a type of cryptocurrency pegged to the U.S. dollar. While the company has benefited from a softening regulatory approach to digital assets, it doesn’t have history on its side as an IPO at the end of its lockup period, Mizuho analyst Dan Dolev said in a research note Friday.