CIRCLE CUT 5% OF ITS STAFF AND PUT IT IN A FOOTNOTE Circle, the company behind the USDC stablecoin, reported its third quarter this morning. Net income from continuing operations came in at $226 million, up 5% from a year ago, on $865 million in revenue and reserve income, up 17%. The layoff never makes the headline. It sits in a footnote to the financial tables as "a workforce reduction of approximately 5%," booked as a $9.1 million restructuring charge, mostly severance and notice pay. Circle did not say how many people were let go or which teams. The growth needs context too. Circle makes most of its money on interest from the cash and Treasuries backing USDC. That reserve income fell 8% to $658 million as its return rate dropped 61 basis points. A one-time presale of its new ARC token added $182 million to the quarter. A profitable company shrinking staff. We’ve seen it all year. $CRCL