Circle cuts about 5% of its workforce as reserve income falls 8% to $658 million, even as the USDC issuer's quarterly profit edges up to $226 million

Circle, the issuer of the USDC stablecoin, said on Wednesday that it cut about 5% of its workforce to better align its organizational structure with its operating model and strategic priorities. Restructuring costs were $9.1 million, mostly severance and notice-period pay, and Circle did not say how many jobs went. The Block notes the company had about 1,100 employees at the end of 2025.

The cuts came in a quarter of mixed numbers. Total revenue and reserve income rose 17% to $865 million and net income from continuing operations reached $226 million, up from $214.4 million, The Block reports. But reserve income, the interest earned on assets backing USDC, fell 8% to $658 million. Other revenue was $207 million, including $182 million from the ARC token presale.

USDC in circulation averaged $73.3 billion, up 8%, but closed the quarter at $73.9 billion, flat on the year, and The Block says its share of the stablecoin market fell to 27%. Circle kept its 2026 guidance: other revenue of $310 million to $330 million and adjusted operating expenses of $570 million to $585 million. Jeremy Allaire said in the release: "In Q3, we saw continued proof that institutions are building and expanding on USDC."