USDC Issuer Circle Quietly Cuts 5% of Staff in Profitable Quarter
Summary
Circle cut about 5% of its workforce in the third quarter, incurring $9.1 million in restructuring costs, though it did not disclose the number or teams affected. The cuts came as the USDC issuer reported $226 million in net income and $865 million in revenue and reserve income. Revenue growth included $182 million from the presale of its Arc blockchain token, while reserve income fell 8% to $658 million. Average USDC circulation rose 8% year over year to $73.3 billion, but its share of the U.S. dollar stablecoin market slipped to 27%. Circle is also expanding Arc and pursuing payments initiatives.
