TechFlow reports, citing The Block, that stablecoin issuer Paxos has laid off approximately 20% of its workforce—65 employees—according to a copy of an internal email. In the email, Paxos co-founder and CEO Charles 'Chad' Cascarilla stated the company remains in strong financial health, with over $500 million on its balance sheet. The layoffs are intended to better focus resources on areas such as tokenization and stablecoins.
Paxos has provided affected employees with 13 weeks of severance pay, three months of healthcare subsidies, and three months of outplacement support. A person familiar with the matter said Paxos now has between 200 and 300 employees following the reduction.
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