Circle Implements Workforce Reduction Amid Global Expansion

Circle, a prominent stablecoin issuer, has reduced its workforce by less than 6%. The layoffs are part of a strategic review of investments and expenses aimed at optimizing operations and reallocating resources toward growth initiatives.

According to a spokesperson for the company, the move is part of “regular reviews” that involve investing in teams and operational infrastructure that need to grow, while marginally reducing spend and some roles in other areas of the business. The exact number of employees affected by the layoffs remains unclear, but the company previously reported having 882 employees as of June 2023.

Circle’s Statement on the Layoffs

Circle regularly reviews our investments and expenses. This includes investing in teams and operational infrastructure that need to grow, while marginally reducing spend and some roles in other areas of the business.

A Broader Industry Trend

The move follows a broader trend of cost-cutting within the crypto industry. Other firms, such as Crypto.com and Polygon Labs, have also reduced headcounts in recent times.

Commitment to Expansion and Product Development

Despite the layoffs, Circle remains committed to its geographical expansion and product development. The firm is interested in issuing stablecoins in new regions, including Japan, to double down on its presence in Asia. Some key highlights of Circle’s expansion plans include:

  • Securing a Major Payment Institution license in Singapore, enabling services such as cross-border and domestic money transfers.
  • Exploring opportunities to issue stablecoins in Japan and other new regions.

Market Presence and Stablecoin Circulation

Circle’s USDC, the second-largest stablecoin, currently has a circulating supply of $40.4 billion, behind Tether’s USDT, which dominates the market with $135.7 billion in issued tokens. The stablecoin market is valued at about $203 billion and is widely used for trading and payments.

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