Circle of USDC Stablecoin Issuers Announces Layoffs Amid Operational Review

Circle Internet Financial Ltd., the company behind the cryptocurrency market’s second-largest stablecoin USDC, announced layoffs following a routine operational review.

According to the Bloomberg report, the job cuts affect less than 6% of the workforce. Despite these reductions, the firm said it remains committed to geographic expansion and improving efficiency and productivity through artificial intelligence (AI). In June, Circle reported employing 882 people.

A spokesperson was quoted as saying:

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

Circle, however, has refrained from publicly confirming the development.

Earlier this year, the fintech company filed a draft registration for an initial public offering (IPO) with the US Securities and Exchange Commission, keeping the filing confidential after a failed SPAC deal in 2023 In October, CEO Jeremy Allaire confirmed that Circle remains committed. to its public offering plans and has no need to raise additional funds through the private markets

In a related development, Circle announced this week that USDC became the first stablecoin to meet the VRCA standards set by Canada’s OSC and CSA. These new rules aim to advance investor protection and regulatory clarity in the country’s growing crypto sector.

Meanwhile, the stablecoin market has reached more than $203 billion in value, according to data from CoinMarketCap. This growth comes after Donald Trump won the 2024 presidential election as the Republican candidate triggering a market-wide rally.

Tether’s USDT continues to dominate, holding a significant share with $136 billion in circulation, reflecting its widespread use in commerce and DeFi. Circle’s USDC remains at $41 billion, cementing its position as a reliable alternative for institutional investors.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit: Use this link to register and open a FREE $500 position with any currency!