In brief – Circle has cut about 5% of its workforce to better align its organization with its operating model and strategic priorities, it disclosed in its Q3 results. – The USDC issuer booked $9.1 million in restructuring charges, mainly severance and notice-period payments,…
en as quarterly net income rose 5% to $226 million. – Circle joins a string of crypto firms that have cut staff this year, including Coinbase, BitGo, Bitwise and the Ethereum Foundation. Circle, the company behind the USDC stablecoin, has cut about 5% of its workforce, according to its third-quarter earnings release on Wednesday
The reduction was “designed to better align our organizational structure with our operating model and strategic priorities,” the company said in footnotes to its financial tables. Circle did not say how many employees were affected or which teams were cut. It recorded $9.1 million in restructuring expenses in the quarter, mostly cash payments for notice periods and severance, employee benefits and related costs.
Those were partly offset by a $5.7 million reversal of stock-based compensation, as unvested shares held by departing employees were forfeited. The cuts came in a profitable quarter. Circle reported net income from continuing operations of $226 million, up 5% from a year earlier, on total revenue and reserve income of $865 million, up 17%.