Stablecoin Issuer Paxos Cuts 20% of Workforce

Stablecoin issuer Paxos has cut its workforce by about 20%, or 65 people, according to an email obtained by Bloomberg.

The job cuts, first reported by The Block, come at a time when Paxos has more than $500 million on its balance sheet, Chief Executive Officer Charles Cascarilla wrote in the email to employees on Tuesday, and the company is “in a very strong financial position to succeed.”

A representative for Paxos declined a request for comment.

“This is a tough day. I take responsibility for this decision and regret having to take this course,” Cascarilla wrote, adding that ...