Circle, the issuer of USDC stablecoin, has trimmed its workforce by less than 6%. A company spokesperson told Bloomberg that the layoffs are part of routine reviews of investments and expenses for operational optimization and resource reallocation, though the exact number of affected employees is unknown. The firm had 882 employees in June 2023.
This follows a cost-cutting trend in the crypto industry, with Crypto.com and Polygon Labs also reducing headcounts. Despite the layoffs, Circle is focused on geographical expansion and product development. It aims to issue stablecoins in new regions like Japan to strengthen its Asian footprint. In 2023, it obtained a Major Payment Institution license in Singapore for cross-border and domestic money transfers.
USDC, the second-largest stablecoin with a circulating supply of $40.4 billion, trails Tether (USDT) which has a $135.7 billion issuance. The stablecoin market, widely used for trading and payments, is valued at around $203 billion.
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