Breaking: USDC Issuer Circle Reveals $865M Q3 Revenue, But Lays Off 5% Staff

Circle Internet Group (NYSE:CRCL), issuer of the USDC stablecoin, reported third-quarter revenue and reserve income of $865 million, up 17% year over year, while simultaneously announcing a workforce reduction affecting 5% of its staff, restated as restructuring charges in its earnings release. The mixed results pair solid top-line growth in Circle's reserve-backed revenue model with cost-cutting that signals management is trimming expenses even as USDC issuance economics hold up. The layoffs matter because Circle is one of the few publicly listed crypto-native firms, making its headcount and margin decisions a bellwether for how stablecoin issuers are managing profitability. Investors will watch upcoming disclosures for the size of the restructuring charges, any impact on USDC circulation and reserve income, and whether the cuts precede further margin pressure or a broader efficiency push across the stablecoin sector.