Circle (CRCL) Cuts About 5% of Workforce as Q3 Revenue Hits $865M

Circle has initiated workforce reductions affecting approximately 5% of its employees as part of an internal restructuring plan. The company incurred a $9.1 million restructuring charge related to severance and operational realignments during the third quarter. Despite the staff cuts, corporate top-line performance remained solid, with quarterly revenue jumping 17% to $865 million. Strong treasury yield income and higher stablecoin circulation backed the company's revenue surge during the period. Management indicated that realigning resource allocation will help maintain long-term profitability amidst evolving digital asset regulations. The move underscores corporate discipline within major crypto infrastructure providers even while reporting solid top-line growth.