According to TechFlow, The Block reported that according to a copy of an internal email, the stablecoin issuer Paxos has laid off about 20% of its employees, or 65 people. Paxos co-founder and CEO Charles ‘Chad’ Cascarilla said in the email that the company is in good financial condition with more than $500 million on its balance sheet. The layoffs are 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 health insurance subsidies, and three months of out-of-work support. A person familiar with the matter said that after the layoffs, Paxos's employee headcount is currently between 200 and 300.