Circle posts $865M Q3 revenue and reserve income, cuts 5% of workforce

The headline revenue and reserve income figure is the more telling signal here: Circle's economics remain tied to reserve income rather than transaction or fee-based lines, which is where the workforce reduction points. Trimming roughly 5% of staff while reporting a strong top line suggests cost discipline alongside that reserve-driven model, though the disclosure leaves the scale and timing vague. What's worth watching is whether reserve income stays the dominant contributor as the company manages expenses — and whether future disclosures add detail on where the cuts fall.