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Circle says it cut about 5% of staff in profitable third quarter

The USDC issuer disclosed the reduction in its Q3 results, booking $9.1m in restructuring charges while net income rose 5% to $226m.

InvestIn.News NewsDesk · 1 min read
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Picture from Decrypt for: Circle says it cut about 5% of staff in profitable third quarter
Image: Decrypt
Original reporting: Decrypt Agent, Decrypt

Key points

  • Circle cut about 5% of its workforce, recording $9.1m in restructuring expenses, mostly severance and notice-period pay.
  • Net income from continuing operations rose 5% to $226m on revenue and reserve income of $865m, up 17%.
  • Reserve income, Circle's largest revenue source, fell 8% to $658m as interest rates on reserves declined.

The reduction was intended to bring its organisational structure into line with its operating model and strategic priorities, according to the company.

The quarter was still profitable. Adjusted EBITDA rose 85% year-on-year to $317m. Reserve income fell 8% to $658m as interest rates on the assets backing USDC declined.

Average USDC in circulation rose 8% to $73.3bn, though it ended the quarter flat at $73.9bn, and USDC's share of the dollar stablecoin market slipped to 27%. CEO Jeremy Allaire did not mention the cuts in his comments, saying instead that USDC carried 79% of stablecoin transaction volume. Circle joins Coinbase, the Ethereum Foundation, BitGo, Luno and Bitwise in cutting staff in 2026.

What to watch: Allaire pointed to the GENIUS Act taking effect in January, when he said regulated digital dollars go mainstream.

Read the full story on Decrypt

Live updates on NewsFeeds:StablecoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Decrypt’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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