Circle Internet Group shares were losing more steam on Wednesday, three weeks after the company’s splashy initial public offering, with focus now shifting to other stablecoin plays.

Shares of Circle Internet Group ( CRCL -9.45%) are falling today, down 9.1% as of 2:57 p.m. ET. The drop comes as the S&P 500 ( ^GSPC 0.07%) and Nasdaq Composite ( ^IXIC 0.25%) were relatively flat.

Stablecoin firm Circle’s (CRCL) meteoric stock frenzy is showing some signs of cooling. After hitting a record high of $299 on Monday, shares of the stablecoin issuer declined 15% on Tuesday, extending a pullback that has left shares down roughly 25% from their peak.