Circle Cuts About 5% of Its Workforce in Quarter Lifted by ARC Token Presale

Circle, the issuer of USDC, cut roughly 5% of its workforce during a third quarter in which revenue rose 17% to $865 million, helped by its ARC token presale. The company disclosed the reduction in a footnote to its quarterly results and did not say how many employees were affected. Traders will weigh the cost-cutting against the revenue growth and token presale, which together shape the outlook for the stablecoin issuer.