Circle Cuts 5% of Staff After Posting $865 Million in Revenue
The USDC stablecoin issuer adjusts its organizational structure while seeking revenue diversification through a new network token.
Circle Internet Group cut approximately 5% of its workforce during the third quarter. The company recorded a $9.1 million restructuring charge to align its operational structure with current strategic priorities.
The financial report showed a 17% increase in total revenue, which reached $865 million for the period. The company's net income rose 5% to hit $226 million. Despite these figures, revenue from interest on the cash reserves and Treasury bills backing USDC fell by 8%.
The financial performance was bolstered by a $182 million non-recurring item from the private pre-sale of the ARC token. This asset is tied to the company's new blockchain, Arc, which launched its mainnet in mid-September.
Operating costs grew 16% due to higher administrative and technology spending. Conversely, distribution expenses paid to partners for maintaining USDC saw an 8% reduction.
Circle is currently looking to expand its operations beyond its core stablecoin product. The company is integrating recent acquisitions and investing in the infrastructure of its new layer-one network.
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