Circle, the issuer of USDC, reduced its workforce by approximately 5% during the third quarter. This action was disclosed in the footnotes of the company's financial statements. The company incurred $9.1 million in restructuring expenses related to these layoffs. Despite these costs, Circle reported a net income of $226 million from continuing operations. The workforce reduction aimed to better align the organization with strategic priorities.
https://bitcoinfoundation.org/news/companies/circle-cuts-5-of-staff-despite-226m-in-q3-net-income/