Woofun AI reports that Polygon Labs has initiated a second round of layoffs, reducing its workforce by 20% or approximately 100 employees. This restructuring coincides with the January acquisition of Coinme for roughly $250 million, aiming to transform the entity into a blockchain-enabled payments company. The firm states that reaching profitability by 2027 is a primary objective, noting that the current team structure represents a significant burden.

Additionally, data indicates that stablecoin supply on the Polygon ecosystem has declined to approximately $3.37 billion, down from a record high of $9.12 billion.