Circle cuts about 5% of staff per Q3 filing
The issuer of the USDC stablecoin reported $9.1m in restructuring costs in a document filed with the U.S. Securities and Exchange Commission.
Key takeaways
- 1Circle cut about 5% of its staff in Q3 2026.
- 2Restructuring costs totaled $9.1m.
Circle, the issuer of the USDC stablecoin, reduced its workforce by roughly 5 percent, according to its Q3 earnings filing with the U.S. Securities and Exchange Commission on November 4.
The company said the layoffs aim to align its organizational structure with operating models and strategic priorities. It recorded $9.1m in restructuring costs tied to the changes. Circle said USDC’s daily operations and its dollar peg remain unchanged.
USDC is a digital dollar that trades at $1.00. As of November 4, it held a market value of $70.6bn, ranking sixth among crypto assets. Circle backs the token with cash and short-term U.S. Treasury securities.
The cuts suggest Circle is trimming expenses as it faces a competitive stablecoin market. Investors will watch the next earnings report for signs of improved margins and any shifts in reserve policy.
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