Circle, the issuer of stablecoin USDC, has cut its workforce by under 6% following a strategic assessment of its investments and expenditures, according to Bloomberg.
A spokesperson for Circle told Bloomberg that the layoffs are part of “regular reviews” and are intended to streamline operations and reallocate resources to focus on growth initiatives. The exact number of employees impacted by the layoffs is unclear, but Circle reported having 882 employees as of June 2023, per a Bloomberg report.
Despite the layoffs, Circle is focused on expanding its geographical reach and advancing product development. The company emphasized its commitment to issuing stablecoins in new regions, particularly Japan, as it strengthens its Asian presence.
Other companies join Circle
Earlier this year, Polygon Labs CEO Marc Boiron announced that the company would lay off 19% of its staff. Boiron explained that the layoffs were a strategic decision, not a reflection of the company’s financial health, aiming to “right-size” the company after rapid growth during the last bull market led to a loss of focus and efficiency.
Similarly, RDX Works laid off 15% of its workforce as part of a cost-cutting strategy. CEO Piers Ridyard announced the decision via Telegram, explaining that the layoffs are crucial to streamline operations and better position the company for evolving market conditions. While essential projects like Flash Liquidity, the Cassandra test network, and multifactor account control are expected to continue, Ridyard acknowledged potential short-term disruptions in communications with the company.
Related: Circle Launch USDCKit Simplified USDC Payment Integration
USDC Has Continued to Grow
Circle reported that USDC circulation reached $77 billion at the end of the first quarter of 2026, representing 28% year-over-year growth. USDC on-chain transaction volume reached $21.5 trillion during the quarter, a 263% increase from a year earlier.
The growth continued into the second quarter, although USDC circulation declined from the Q1 level. Circle reported $73.3 billion of USDC in circulation at the end of June 2026, still representing 19% year-over-year growth. On-chain transaction volume reached $14.8 trillion during the quarter, up 151% from the same period a year earlier.
The figures demonstrate that demand for USDC has continued to grow even as the cryptocurrency market has experienced periods of volatility.
Circle’s financial performance has also strengthened since the workforce reduction. In the first quarter of 2026, the company reported total revenue and reserve income of $694 million, a 20% year-over-year increase. Adjusted EBITDA rose 24% to $151 million.
The second quarter produced another increase in revenue and a major improvement in profitability. Circle reported $701 million in total revenue and reserve income for Q2, up 7% year over year. Net income from continuing operations reached $48 million, compared with a significantly larger loss in the same period of the previous year. Adjusted EBITDA increased 8% to $143 million.
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