Circle Shares Slide 5% After Tereina, SAP Pay Stablecoin Integration Deal

Circle shares fell 5.17% to $79.78 in early trading on Oct. 7 after the company announced a stablecoin partnership with Tereina to bring USDC and EURC payments into SAP business software. The integration will start with SAP Pay and SAP Cloud ERP, allowing eligible companies to access stablecoin payment options through applications they already use. Customer pilot programs are expected to roll out over the coming months. CRCL traded near session lows, down $4.35 from the prior close of $84.13. The stock briefly moved toward $81 after the open, slipped below $80, then regained $80 before the rebound faded as selling resumed. Volume was heaviest in the opening minutes and moderated later in the session. Neither company disclosed which customers will participate, projected payment volumes, or a full timeline for commercial deployment. Under the agreement, USDC will be the preferred stablecoin for eligible U.S. dollar-denominated payments, while EURC will support eligible euro-denominated transactions. SAP Pay, which operates within SAP Cloud ERP, is designed to connect payment execution to existing finance workflows, including reconciliation against invoices or purchase orders. SAP said customers can use preintegrated Circle Mint accounts for USDC payments. SAP Pay also supports traditional rails such as ACH, wire transfers, checks, and electronic fund transfers. The platform currently covers more than 40 currencies and 89 payment channels through a single integration, with businesses retaining control over timing, currency, and payment method. The deal leverages SAP's enterprise footprint. In a July 2026 fact sheet, SAP said its customers represent 84% of global business activity, and that 99 of the world's 100 largest companies use SAP products. The companies did not identify which customers will test the stablecoin integration. Circle and Tereina named Arc as the preferred blockchain for the initial enterprise payment flow, though that designation does not mean every SAP Pay transaction will settle on Arc given SAP Pay's multi-channel setup. In the coming months, the partners plan customer proof-of-concept projects, training for treasury and payments teams, enterprise stablecoin research, and work with ecosystem partners on payment initiatives. They did not provide an expected completion date for the first proof-of-concept efforts. Circle's Oct. 5 reserve disclosure showed $74.1 billion USDC in circulation backed by $74.3 billion in reserves. Over the prior seven days, Circle issued $9.4 billion in USDC and recorded $10 billion in redemptions. Separately, Circle reported $14.8 trillion in second-quarter on-chain USDC transaction volume, up 151% from a year earlier.