Circle, the issuer of USDC, recorded $9.145 million in restructuring expense for the third quarter of 2026, linking the cost to a workforce reduction of about 5%, a Nov. 4 filing shows.
The filing says the roughly 5% reduction had already taken place and reflected adjustments to Circle's operations and business priorities. The expense mainly covered severance and notice-period pay, employee benefits and related costs.
Earlier reductions came in December 2024 and July 2023. The December action affected fewer than 6% of employees, while the July reduction was smaller.
Circle's third-quarter results also showed average USDC in circulation rose 8% to $73.3 billion, while reserve income declined 7.5% to $657.624 million. EconoTimes previously covered the company's third-quarter revenue and reserve income.
