Circle Internet Groupbooked $9.1 millionin restructuring charges in the third quarter tied to a workforce reduction of about 5%, the USDC issuer disclosed in a footnote to its quarterly results on Nov. 4. Circle said in the release that the cut was "designed to better align our organizational structure with our operating model and strategic priorities."
The release did not say how many employees lost their jobs, when the cut took place or which teams it affected. Circle had approximately 1,100 employeesat the end of 2025, according to its annual report . At that size, a 5% reduction would come to roughly 55 people, by Unchained's calculation. Circle has not disclosed its headcount at the time of the cut.
According to Circle, the charges "primarily consisted of cash expenditures for notice period and severance payments, employee benefits and related costs." The restructuring also lowered stock-based compensation expense by $5.7 millionbecause of forfeited restricted stock units, the company said in a footnote to the release filed with the SEC. Circle left the restructuring charges out of its adjusted EBITDA.
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Operating Expenses Still Up 16%
Compensation expenses fell 4% from a year earlier to $124.1 million. Total operating expenses rose 16% to $245 million, which Circle put down mainly to higher general and administrative, depreciation and amortization, IT infrastructure and marketing costs. Adjusted operating expenses climbed 13% to $139 million.
Circle kept its full-year guidance for adjusted operating expenses at $570 million to $585 million. Circle expects to recognize $219 million to $249 million in stock-based compensation and related payroll taxes this year, a range it said "depends on incremental headcount through the rest of the year and stock price."
ARC Presale Lifts Revenue
The reduction came in a quarter when Circle's total revenue and reserve income rose 17% to $865 millionfrom about $740 million a year earlier. Of that, $182 millioncame from the presale of ARC, the native token of Circle's Arc blockchain. Reserve income, the interest earned on the assets backing USDC, fell 8% to $658 million as the reserve return rate dropped, and USDC in circulation ended September at $73.9 billion, flat from a year earlier.
Net income from continuing operations rose 5% to $226 million, and adjusted EBITDA climbed 85% to $317 million. The quarter also carried $7.7 million in acquisition-related costs, which included one-time legal and professional fees for Circle's pending purchase of Singapore-based payments firm Tazapay.
Circle has trimmed staff before. It cut jobs in July 2023 as it pulled back from non-core activities, and in December 2024 it confirmed a cut of less than 6% of roles that Bloomberg first reported.
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