Odaily Planet Daily News: Stablecoin issuer Paxos announced that it has laid off about 20% of its employees, involving 65 employees. Paxos co-founder and CEO Cascarilla 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, 3 months of medical insurance subsidies, 3 months of re-employment support, and two years of vested option extensions. In addition, the company also provided a second-quarter bonus to employees participating in the quarterly incentive plan, and provided compensation and benefits to any employee who was approved for maternity leave or sick leave. A person familiar with the matter said that after the layoffs, Paxos's employee headcount is currently between 200-300. Paxos completed a $300 million Series D financing in 2021, with a valuation of $2.4 billion. (The Block)