Golden Finance reported that stablecoin issuer Paxos has laid off about 20% of its employees, or 65 people. Charles ‘Chad’ Cascarilla, co-founder and CEO of Paxos, said in an internal email that the company is in good financial condition with more than $500 million on its balance sheet. The layoffs are intended to focus resources more on areas such as tokenization and stablecoins. Paxos has provided affected employees with 13 weeks of severance pay, three months of medical insurance subsidies, and three months of re-employment support. A person familiar with the matter said that after the layoffs, the number of employees at Paxos is currently between 200 and 300. According to previous news, Paxos completed a $300 million Series D financing in 2021, with a valuation of $2.4 billion.