USDC stablecoin issuer Circle cuts 6% staff amid push for AI: report

Circle reduced its workforce by less than 6%, saying the layoffs were part of a routine investment and spending review as the company continues its global expansion.

Stablecoin issuer Circle has cut its workforce by less than 6%, citing a strategic review of investments and expenses, Bloomberg has learned.

The layoffs are said to be part of “regular reviews,” a spokesperson for the company told Bloomberg, adding that the move is aimed at optimizing operations and reallocating resources to growth initiatives. The exact number of employees affected by layoffs remains unclear, but the company previously reported having 882 employees as of June 2023.

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

Circle’s spokesperson

The latest move follows a broader cost-cutting trend in the crypto industry. Previously, other companies such as Crypto.com and Polygon Labs had also reduced their staff.

Despite the layoffs, Circle remains committed to geographic expansion and product development. The firm has underlined its interest in issuing stablecoins in new regions, including Japan, to double its presence in Asia. In early 2023, it received the Major Payments Corporation license in Singapore, which enables services such as cross-border and domestic money transfers.

Circle’s (USDC), the second-largest stablecoin, currently has $40.4 billion in circulating supply, behind Tether (USDT), which dominates the market with $135.7 billion in issued tokens. Stablecoins are widely used for trading and payments and have a market capitalization of approximately $203 billion.