Circle

Circle is reducing its workforce by about five percent (just under 70 positions) and expects severance and transition payments of roughly $9.1 million as it streamlines its structure and shifts more focus to AI. Operationally, Circle posted third-quarter revenue up 17% to $864.9 million and earnings from continuing operations of $226 million, driven by the ARC token pre-sale ($182 million). Average USDC circulation rose 8% to $73.3 billion, supported by the partnership with Coinbase; at the same time Circle froze more than $800 million of stolen USDC following the Binance hack. Regulatory clarity from new OCC rules for payment stablecoins starting in January further strengthens the business model. » More on deraktionaer.de

After a hack on Binance, stablecoin issuers Tether and Circle froze portions of customer funds. The measure is intended to secure potentially compromised assets and protect the crypto industry from further spread of the attack. The news triggered alarm across the sector. » More on faz.net

Circle, issuer of the USDC stablecoin, recorded a pronounced price jump on September 18 after a regulatory clarification in the EU and deeper integration into traditional finance. USDC's transparent reserves and high liquidity increase its appeal to institutional and retail investors. Strategic partnerships with payment providers and fintech companies consolidate Circle's position in the crypto and DeFi ecosystem. » More on finanzen.net

Circle unveiled Arc, a general-purpose blockchain and "economic operating system" to support payments, tokenized markets, lending, trading and commerce. BlackRock and Visa are among Arc's first validators, and Circle is integrating its payments network and FX settlement into the chain. Transaction fees on Arc will be paid in USDC as Circle seeks to diversify amid growing stablecoin competition and plans for a bank-backed rival; CRCL shares are down about 36% over the past 12 months. » More on finance.yahoo.com

Circle shares fall 4.7% in premarket trading, dropping from $97.42 to $92.81 as uncertainty returns ahead of a procedural vote in the U.S. Senate on the Digital Asset Market Clarity Act. The 60 votes needed for approval now look increasingly hard to get, and forecasts put the chance of passage at around 16%. Three contentious issues — ethics rules, liability for DeFi developers, and a yield cap for stablecoins — remain unresolved; the yield cap would hit Circle particularly hard because its business model relies heavily on earnings from reserves. Goldman Sachs raised its price target to $92 but kept its rating at "Neutral," and competitors like Coinbase are also showing premarket losses as investors await the vote and the upcoming FOMC decision. » More on de.investing.com