Exodus Cuts 25% of Workforce Amid Shift to Stablecoin Payments

Crypto wallet provider Exodus has announced it will cut 25% of its workforce as part of a shift towards stablecoin payments infrastructure. The company stated this reduction is expected to generate between $10 million and $13 million in annualized cash savings starting in 2027.

Brokerage firm Benchmark maintained its 'Buy' rating on Exodus stock despite the announcement, but analyst Mark Palmer lowered his price target to $12 from $23.

Palmer attributed the layoffs primarily to weaker conditions across the broader crypto market over the past nine months, rather than concerns about Exodus's strategic direction. He stated that investors are underappreciating the payments infrastructure built through two acquisitions completed earlier this year: Monavate and Baanx.

The company has historically derived around 90% of its revenue from crypto swap fees, making it heavily dependent on trading activity. The new revenue streams from the Monavate and Baanx acquisitions should reduce Exodus's reliance on trading volumes over time, according to Palmer.