Exodus Cuts 25% of Staff, Bets on Stablecoins With Benchmark

Exodus, the crypto wallet provider, laid off 25% of its workforce and secured backing from venture capital firm Benchmark as it pivots toward stablecoins.

The company said the layoffs will save $10 million to $13 million annually. It plans to redirect those savings into building stablecoin products and related infrastructure. The cuts hit multiple departments and represent a broad restructuring of the business, according to a statement from Exodus.

Benchmark’s endorsement came after the restructuring was announced. The firm has a track record of early investments in companies that later scaled. Its willingness to back Exodus during a headcount reduction signals confidence in the stablecoin strategy, though the company has not disclosed whether the arrangement involves an investment round, an advisory role, or another structure.

Exodus has not released a detailed roadmap for its stablecoin effort. No specific products or timelines have been announced. The company also has not specified which stablecoins it plans to support or how it will compete with wallets that already have stablecoin infrastructure in place.