Circle Internet Group, the New York company behind the USDC stablecoin, reduced its workforce by about 5% in the third quarter, according to its filing. The cuts cost $9.1 million, mainly for severance and notice pay. Profit from ongoing operations went up 5%, reaching $226 million, and combined revenue plus reserve income reached $865 million. A $182 million booking from an ARC token presale helped those figures. Excluding that booking and other non-interest revenue, reserve income was roughly $658 million, versus about $711 million the prior year. Circle tied the reductions to aligning its structure with its plans and daily operations. USDC supply was flat year over year at $73.9 billion, while operating spending climbed 16% to $244.9 million.
Why it matters: The cuts show that headline profit can hide weakness in the core interest income that supports USDC-linked revenue.
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