As an analyst with extensive experience in the cryptocurrency market, I find myself closely observing the latest developments within the industry. The recent decision by Circle to reduce its workforce by less than 6% is a move that, while unfortunate for those affected, seems to be part of a broader trend of cost-cutting among crypto firms.
Circle has reduced its workforce by less than 6%, saying the layoffs are part of a routine review of investments and expenses as the company continues its global expansion.
According to Bloomberg’s report, the stablecoin company Circle has trimmed down its team by roughly 5-6%, explaining that this move is part of a careful examination of investment and expenditure choices.
According to a spokesperson from the company, the job cuts are being labeled as part of routine assessments. They mentioned that this decision is geared towards streamlining processes and redirecting resources toward expansion projects. However, it’s uncertain at this point how many employees will be impacted by these layoffs, but as of June 2023, the company had a workforce of 882 employees.
We frequently assess our investments and costs at Circle. This involves pouring funds into expanding teams and improving our operational framework, while slightly trimming expenses and certain positions within other parts of the company.
Circle’s spokesperson
The latest move follows a broader trend of cost-cutting within the crypto industry. Earlier, other firms such as Crypto.com and Polygon Labs, also reduced headcounts.
In spite of the recent layoffs, Circle continues to prioritize geographical expansion and product development. The company has expressed intentions to introduce stablecoins in new markets, like Japan, to strengthen its position in Asia. Back in 2023, it acquired a Major Payment Institution license in Singapore, which empowers them to offer services such as cross-border and domestic money transfers.
The second-largest stablecoin, USDC (Circle), currently circulates approximately $40.4 billion worth of coins. This is significantly less than Tether’s (USDT) dominance in the market, which boasts a staggering $135.7 billion in issued tokens. Stablecoins, popular for trading and transactions, collectively hold a market value of approximately $203 billion.
Read More
- We’re Terrible At Organizing Things.’ Tom Holland Reveals The Sweet Holiday Scheme He And Zendaya Are Going To Try Next Year
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- NewsNation Taps Leland Vittert to Replace Dan Abrams
- Girls Frontline 2 Exilium tier list
- Yarrow Slaps’ Distorted Celebrity Portraits Take Center Stage in New Video Game-Inspired Show
- Rooster Teeth Is Back and Promises To Go Back to Its Roots
- XLARGE Celebrates Lil Wayne With New Collection
- Path of Exile 2: How To Find & Unlock the Realmgate
- New Era and BEAMS Reunite for Spring/Summer 2025 Collection
- BlackRock’s Ethereum ETF $ETHA Listed on DTCC, Awaits Trading
2024-12-05 16:08