Stablecoin Issuer Circle Cuts 5% Of Workforce
Stablecoin issuer Circle Internet Group (NYSE: $CRCL) has announced plans to cut 5% of its workforce.
The company announced the job cuts along with its third-quarter financial results, attributing a $9.1 million U.S. restructuring charge to the headcount reduction.
Circle said in its earnings statement that the layoffs are “designed to better align our organizational structure with our operating model.”
Circle Internet Group had approximately 1,100 full-time employees at the start of this year. The 5% workforce reduction would eliminate about 55 workers.
As for its financial results, the New York-based company posted earnings per share (EPS) of $0.84 U.S., which was 127% higher than Wall Street’s forecast of $0.37 U.S.
Revenue of $865 million U.S. also beat analysts’ expectations and was up 17% from the same period of 2025.
Circle issues the USDC stablecoin, which is the world’s second-largest stablecoin after Tether’s USDT token.
Stablecoins are cryptocurrencies whose value is pegged to an underlying asset, typically the U.S. dollar.
CRCL stock has declined 32% over the past 12 months to trade at $75.22 U.S. per share.
This story was originally published by CryptoProwl. Read the original article.
