DECRYPT · 2026-11-04 12:44 UTC

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

Circle, issuer of USDC stablecoin, cut 5% of workforce in Q3 with $9.1 million in restructuring costs, though the company reported profitable results. Circle posted net income of $226 million (up 5% YoY) and adjusted EBITDA of $317 million (up 85% YoY) on $865 million in total revenue and reserve income. USDC circulation averaged $73.3 billion (up 8% YoY) but ended flat at $73.9 billion; USDC's stablecoin market share slipped to 27% despite carrying 79% of stablecoin transaction volume.

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