USDC Issuer Circle Quietly Cuts 5% of Staff in Profitable Quarter

Circle, the USDC issuer, reported a third-quarter revenue increase of 17% to $865 million, with net income rising 5% to $226 million. These results were bolstered by a $182 million ARC token presale, offsetting an 8% decline in reserve income. Despite the profitable quarter, Circle quietly reduced its workforce by 5%, recording $9.1 million in restructuring costs. The company's financial performance highlights the significant impact of its newest blockchain token on overall earnings.