Polygon Labs has carried out another round of layoffs, reportedly cutting around 30% of its workforce as it restructures and pivots toward stablecoin-based payments. These details emerged from multiple posts and disclosures by affected employees on the social media platform X.
While Polygon Labs has not publicly disclosed the exact number of roles eliminated, its CEO, Marc Boiron, later confirmed the workforce reduction in a public statement.
Significant Workforce Reduction and Strategic Shift
The latest job cuts appear to be part of an organizational reset as Polygon moves away from a primarily infrastructure-focused strategy toward building what it describes as a payments-first blockchain platform.
This recent reduction follows previous workforce adjustments. In 2024, Polygon reduced its headcount by 19%, after eliminating almost 60 roles in what was then described as an effort to form a more “efficient surgical team.” At that time, remaining employees were granted a minimum 15% salary increase. A year earlier, in 2023, the company behind the Layer 2 network cut approximately 20% of its workforce, which impacted around 100 positions.
The latest restructuring comes days after Polygon Labs agreed to acquire US-based crypto payments firm Coinme and wallet infrastructure provider Sequence. These deals, worth more than $250 million combined, are intended to enable the company to offer regulated stablecoin payments in the US. The acquisitions provide Polygon with access to Coinme’s network of US money-transmitter licenses, fiat on- and off-ramps, and Sequence’s embedded wallet technology and cross-chain payment tools, which are utilized by banks, fintech companies, and enterprises.
Layoffs Driven by Structural Changes, Not Performance
In an X post announcing the changes, Boiron stated that the company has spent the past few months “sharpening” its focus around a single mission – moving all money on-chain. He explained that as Coinme and Sequence are integrated into a combined organization, Polygon decided to consolidate overlapping roles. Boiron added that while the overall headcount is expected to remain roughly similar after the restructuring, the composition of the workforce will change to better support its payments strategy.
The executive further clarified that the layoffs were a result of structural changes and were not related to employee performance.