USDC trading volume topped $13.9 trillion, Circle (CRCL.US) net profit of $226 million but laid off 5% of employees

According to Woofun AI, stablecoin issuer Circle (CRCL.US) had strong financial performance in the third quarter, with net profit from continuing operations of US$226 million, up 5% year over year; adjusted earnings per share (EPS) reached $0.84, significantly exceeding market expectations of $0.37 by 127%.

The core driver comes from the explosive growth in USDC's on-chain transaction volume, which climbed to $13.9 trillion in the third quarter, a 49% year-over-year increase. This flow dividend was directly transformed into revenue momentum, driving the company's total revenue and reserve income up 17% year over year to US$865 million, which is significantly higher than market expectations of US$778 million.

According to data compiled by Woofun AI, Circle (CRCL.US)'s private pre-sale of tokens on its blockchain Arc contributed US$182 million to the total revenue composition. Additionally, the launch of the Arc public mainnet, the acquisition of Singaporean payment network Tazapay, and a $100 million investment from Binance were all listed as key business milestones for the quarter.

Despite impressive financial data, Circle (CRCL.US) chose to optimize its operating structure by cutting labor costs. The company announced a 5% reduction in its workforce, resulting in a restructuring cost of $9.1 million. Management stated that the move was aimed at making the organizational structure more in line with the current operating model. The reaction of the capital market was divided: during the normal trading session on the 3rd, Circle (CRCL.US) shares rose 4.36% to close at $75.22; however, in trading before the opening of the market on the 4th, the stock price fell 1.18% to $74.33.

The strategy of exceeding expectations in terms of performance and layoffs reflects the ultimate pursuit of efficiency by crypto infrastructure companies during a period of high growth. As the Arc ecosystem progresses and external capital is injected, Circle (CRCL.US) is trying to find a new balance between expanding market share and controlling operating costs.