Circle has decided to lay off some of its employees to improve its financial health.
The stablecoin giant plans to focus on core activities and hire for related roles globally.
The reduction in the workforce came months after the company revealed its intention to increase the workforce by 25%.
The USDC issuer joined the likes of Coinbase and Gemini, who laid off employees earlier this year.
Circle Internet Financial, the crypto giant behind the second-largest stablecoin in the world, has announced layoffs. The USDC issuer reduced its workforce and pulled investments from non-core activities in a bid to strengthen its balance. The layoffs came just five months after the firm stated that it would increase its workforce by 25% amid a reduction of workforce at fellow crypto firms.
Circle Will Continue To Hire Globally In Key Areas Of Focus
According to a report by Reuters, Circle’s decision to cut its workforce was part of a broader shift in priorities. The USDC issuer stated that it would focus on core business activities and execution. Layoffs were announced in order to reduce operational headcount and help maintain a strong balance sheet. However, the stablecoin giant stated that it had identified new areas for investment and would continue to hire in key areas of focus globally.
With the decision to cut the workforce, Circle joined fellow crypto firms like Coinbase, Gemini, and Chainalysis, who announced layoffs earlier this year due to a high-interest rate environment and the prolonged crypto winter. Interestingly, Circle’s Chief Financial Officer Jeremy Fox-Green revealed earlier this year that the company was looking to hire more than 200 workers in 2023.
“We are growing and investing and we are fortunate to be in a financial position to be able to sustain our investments,” Fox-Green told the WSJ at the time. The decision to increase the workforce by 25% represented a lower growth rate as compared to 2022 when the firm doubled its headcount from the previous year.