Stablecoin issuer Circle Internet Group (NYSE: $CRCL) has announced plans to cut 5% of its workforce.
The company announced the job cuts along with its third-quarter financial results, attributing a $9.1 million U.S. restructuring charge to the headcount reduction.
Circle said in its earnings statement that the layoffs are "designed to better align our organizational structure with our operating model."
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Circle Internet Group had approximately 1,100 full-time employees at the start of this year. The 5% workforce reduction would eliminate about 55 workers.
As for its financial results, the New York-based company posted earnings per share (EPS) of $0.84 U.S., which was 127% higher than Wall Street's forecast of $0.37 U.S.
Revenue of $865 million U.S. also beat analysts' expectations and was up 17% from the same period of 2025.
Circle issues the USDC stablecoin, which is the world's second-largest stablecoin after Tether's USDT token.
Stablecoins are cryptocurrencies whose value is pegged to an underlying asset, typically the U.S. dollar.
CRCL stock has declined 32% over the past 12 months to trade at $75.22 U.S. per share.
