Circle posts strong Q3 results, cuts 5% of workforce
6.7 Stablecoins Circle's Q3 revenue rose 17% to $865M and net income grew 5% to $226M. Despite strong results, Circle cut 5% of staff and incurred $9.1M in restructuring charges for strategic realignment.
Circle, the issuer of the USDC stablecoin, reported robust financial results for the third quarter. Revenue and reserve income rose 17% year-over-year to $865 million, while net income from continuing operations increased 5% to $226 million. Adjusted EBITDA surged 85% to $317 million, reflecting strong operational performance. Despite these gains, Circle announced a workforce reduction of about 5%, aiming to better align its organizational structure with its operating model and strategic priorities. The company recorded $9.1 million in restructuring charges, mainly for severance, notice-period payments, and employee benefits. This was partially offset by a $5.7 million reversal of stock-based compensation due to forfeited unvested shares. Circle’s reserve income declined 8% to $658 million, attributed to a lower reserve return rate. However, average USDC circulation grew 8% to $73.3 billion, and onchain transaction volume increased 49% to $13.9 trillion. Other revenue jumped 627% to $207 million, largely from the ARC token presale. The company did not specify the number of employees or teams affected by the cuts.
