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cryptostablecoinsCircleearnings
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Related tickers and likely impact
BTC/USDT
• NeutralBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 11/03/2026 | 77,453.86 |
| Change that session | +0.83% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- USDC Issuer Circle Quietly Cuts 5% of Staff in Profitable Quarter
Circle, the issuer of the USDC stablecoin, cut about 5% of its workforce to better align its organization with its operating model and strategic priorities, according to its Q3 results. It booked $9.1 million in restructuring charges, mostly severance and notice-period payments, even as net income from continuing operations rose 5% to $226 million. Much of the growth came from outside its core business, including $182 million from the presale of ARC tokens, while reserve income fell 8% to $658 million as reserve interest rates declined. The article notes Circle is one of several crypto firms, including Coinbase, BitGo and the Ethereum Foundation, that have cut staff this year.
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Tokens tracking Securitize's shares (SECZ) saw onchain market cap fall from a high of $430.4 million on Sept. 28 to $208.6 million, while tokens tracking Circle (CRCL) gained about 20% since Sept. 28 to a combined $383.6 million, retaking the top spot in the $3.3 billion tokenized stock market. The decline coincided with a sell-off in SECZ's NYSE shares, which erased gains following the Oct. 8 launch of its stock trading platform on Solana. Citi downgraded SECZ from Buy to Neutral on Oct. 13 amid concerns about tokenization revenue. SECZ closed Friday down 2.1% at $7.80, a market cap of $1.27 billion. SECZ remains the largest individual tokenized stock, while Binance's CRCLb on BNB Chain leads Circle's offerings at $154.1 million.
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Circle shareholder J. Benjamin Greenberg, who says he holds 10,000 ordinary shares, sued President Trump, World Liberty Financial, affiliated entities and Special Envoy Steve Witkoff in the US District Court for the District of Columbia. The complaint argues that a $2 billion investment by Abu Dhabi entity MGX in Binance using the USD1 stablecoin created a pathway for foreign governments to channel money through the Trump family's crypto company, leaving Circle unable to compete with its USDC. It asks the court to declare the president's conduct a violation of the Foreign Emoluments Clause and to bar similar deals without Congress' consent. The White House called the lawsuit “frivolous” and said Trump had “no conflicts of interest,” while Circle said it did not take part in the filing. The article also cites Public Citizen reporting that Trump's crypto ventures netted him $1.4 billion in 2025 while costing investors about $4.7 billion.
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Circle said it kept about 7 cents in net profit for each dollar of revenue in the first half of 2026, when it brought in $1.4 billion and paid $819 million in distribution and transaction costs. The remaining $473 million covered compliance, liquidity and product development, including about $214 million in stock-based compensation and related costs. The debate comes as Coinbase, Circle's largest USDC partner, also backs Open USD, a rival network with Stripe and BlackRock that passes reserve income to participants after a management fee. Circle argues reserve income must also fund redemptions, compliance and liquidity, and says standard USDC redemptions remain free, while Binance bought a $100 million stake in Circle in September.
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