Update
Circle Reduces Staff in Profitable Quarter
USDC issuer Circle has cut about 5% of its workforce in a profitable quarter. The company recorded $9.1 million in restructuring expenses, including $5.7 million from stock-based compensation reversals. Circle's net income from continuing operations increased by 5% to $226 million, driven by a 17% rise in total revenue and a 8% decline in reserve income. The company's share of the U.S. dollar stablecoin market fell to 27%, with USDC maintaining a 79% share of stablecoin transaction volume and a $41 billion annualized volume for its payments network.