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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.
Stablecoin issuer Circle has reduced its workforce by less than 6%, citing a strategic review of investments and expenses, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-05/usdc-stablecoin-issuer-circle-makes-layoffs-seeks-ai-led-boost" target="_blank" rel="noopener noreferrer nofollow">has learned</a>.
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 toward growth initiatives. The exact number of employees affected by the layoffs remains unclear, but the company previously reported having 882 employees as of June 2023.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “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.”
 Circle’s spokesperson
</blockquote>
The latest move follows a broader trend of cost-cutting within the crypto industry. Earlier, <a href="https://crypto.news/crypto-com-ceo-announces-cutting-20-of-workforce/" target="_blank" rel="noopener noreferrer nofollow">other firms</a> such as Crypto.com and Polygon Labs, also reduced headcounts.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/circle-is-first-stablecoin-issuer-to-comply-with-new-canadian-listing-rules/"> Circle is first stablecoin issuer to comply with new Canadian listing rules </a>
Despite the layoffs, Circle remains committed to its geographical expansion and product development. The firm highlighted its interest in issuing stablecoins <a href="https://crypto.news/circle-taps-coinheck-to-expand-its-services-in-japan/" target="_blank" rel="noopener noreferrer nofollow">in new regions</a>, including Japan, to double down on its presence in Asia. Earlier in 2023, it <a href="https://crypto.news/circle-receives-digital-token-license-in-singapore/" target="_blank" rel="noopener noreferrer nofollow">secured</a> a Major Payment Institution license in Singapore, enabling services such as cross-border and domestic money transfers.
Circle’s (<a href="https://crypto.news/price/usd-coin/" target="_blank" rel="noopener noreferrer nofollow">USDC</a>), the second-largest stablecoin, currently has a circulating supply of $40.4 billion, behind Tether’s (<a href="https://crypto.news/price/tether/" target="_blank" rel="noopener noreferrer nofollow">USDT</a>), which dominates the market with $135.7 billion in issued tokens. Stablecoins are widely used for trading and payments, with the market valued at about $203 billion.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/circles-usdc-to-launch-on-aptos-with-stripe-adding-support/"> Circle’s USDC to launch on Aptos with Stripe adding support </a>

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

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