Bitcoin Magazine
Circle (CRCL) Cuts About 5% of Workforce as Q3 Revenue Hits $865M
Circle Internet Group cut about 5% of its workforce in the third quarter, a reduction the USDC issuer disclosed in the footnotes of an earnings report that showed revenue rising 17% to $865 million and net income up 5% to $226 million.
The company booked a $9.1 million restructuring charge for the cuts, which it described as “designed to better align our organizational structure with our operating model and strategic priorities.” The charge covered notice-period pay, severance and benefits.
Circle did not say how many employees were affected or which teams were hit, and the layoffs did not appear in the release’s list of business highlights.
CRCL shares slipped about 1.2% in premarket trading to $74.33 after gaining 4.4% on Tuesday. The stock trades at a fraction of the highs it reached after its June 2025 IPO.
The headline growth masks a softer core. Reserve income, the interest Circle earns on the Treasuries and cash backing USDC, fell 8% from a year earlier to $658 million as the reserve return rate dropped 61 basis points to 3.5%.
Average USDC in circulation grew 8% to $73.3 billion, not enough to offset lower yields, and circulation at quarter-end was flat year over year at $73.9 billion. Circle’s share of the fiat-backed stablecoin market slipped to 27%.
What filled the gap was a one-time item. Other revenue jumped to $207 million from $29 million, with $182 million of that from the private presale of ARC, the token for Circle’s new Arc blockchain.
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