What to know:
- USDC issuer Circle has made some layoffs as part of a regular review of its operations.
- The job cuts amount to “less than 6% of Circle’s workforce.”
As a seasoned researcher with years of experience navigating the tumultuous waters of the cryptocurrency market, I find myself both intrigued and somewhat unsurprised by Circle’s recent decision to trim its workforce. The crypto landscape is a dynamic one, and companies must constantly adapt to survive and thrive.
According to a report by Bloomberg on Thursday, Circle Internet Financial, the company responsible for the issuance of the world’s second-largest stablecoin, US Dollar Coin (USDC), has carried out some job cuts as part of a routine assessment of its business operations.
According to the report, which cited a company representative, the layoffs represent fewer than 6% of Circle’s total staff members.
In a simple rephrasing, if we consider that the company that made its Initial Public Offering in the United States in January has around 882 employees in June, then approximately 6% of that workforce would be about 53 people.
The spokesperson stated that Circle frequently checks over our investments and costs. This encompasses putting money into teams and the necessary operational infrastructure for growth, all while slightly decreasing spending and certain positions within other sectors of the company.
As an analyst, I find it noteworthy that, based on CoinDesk Indices data, the market capitalization of USDC, a stablecoin, stands at a significant $40.4 billion, making it the second largest in the stablecoin market, trailing only Tether’s USDT. Stablecoins are digital currencies tethered to the value of traditional fiat currencies, primarily the U.S. dollar.
Circle did not immediately respond to CoinDesk’s request for comment.
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2024-12-05 14:23