Circle Layoffs Hit 5% of Staff in a Profitable Quarter: Why Now?

Circle Internet Group, the New York company behind the USDC stablecoin, cut about 5% of its workforce in the third quarter. The disclosure sat in a footnote to earnings that showed profit rising. The cuts cost $9.1 million, mostly severance and notice pay. They land as Circle’s main income, interest earned on the cash and Treasuries backing USDC, shrinks. CRCL shareholders own a business that earns about three-quarters of its revenue that way. Why Did the Circle Layoffs Come in a Quarter When Profit Grew? Circle tied the cut to matching its structure with its strategy and operating model, according to its filing . The top-line numbers look strong. Net income from continuing operations rose 5% to $226 million. Total revenue and reserve income climbed 17% to $865 million.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to BeInCrypto.