Believe it or not, one of the companies that I'm most worried about is Coinbase.
For example, go look at their employee roster page at the bottom.
https://www.coinbase.com/aboutIn in the past 2 years, I have literally watched that page grow from about 5 employees to what you see now on that page. And they just keep adding more employees. At the rate they are going, unless something drastically changes I don't think that they are going to have a business model that will support all of that headcount and still make a profit.
My guess is that they and Circle will be shifting the bulk of their business to the USD-to-USD payment market (i. e. PayPal's turf), which is orders of magniture bigger than BTC-to-USD (BitPay's model) and USD-to-BTC. For that market, their staff does not seem exaggerated at all.
Circle also seeems to be eyeing the USD-to-CNY and/or CNY-to-USD remittance markets. I imagine that bitcoin will be an internal instrument that will be used if and when it advantageous to them.