Stablecoin issuer Paxos has laid off about 20% of its workforce, or 65 people. Charles'Chad 'Cascarilla, co-founder and CEO of Paxos, said in an internal email that the company is in good financial shape and has 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 13 weeks of severance pay, three months of health insurance subsidies, and three months of re-employment support to affected employees. A person familiar with the matter said that the number of employees at Paxos after the layoffs is currently between 200 and 300. According to previous news, Paxos completed a $300 million Series D financing in 2021, valuing it at $2.40 billion.