Circle's USDC Misses 6% of Workforce After Review

Circle's Job Cuts

Circle Internet Financial, the issuer behind USD Coin (USDC), has announced several layoffs as a part of a periodic evaluation of its operations.

The company stated that the cuts represent less than 6% of its total workforce; this was confirmed by a source from Bloomberg, with Circle supporting the figure in a follow-up communication.

As of June, Circle had approximately 882 employees, suggesting the layoffs amount to over 50 personnel.

In response, Circle expressed:
"Circle regularly reviews our investments and expenses [which] includes investing in teams and operational infrastructure that needs to grow, while marginally reducing spend and some roles in other areas of the business."

With a valuation of $40.4 billion, USDC remains the second-largest stablecoin in the market.

Further Insights:

For more on the competitive landscape of stablecoins, check CoinDesk Indices data.
Stay updated on broader market shifts in our articles concerning Circle's IPO plans earlier this year.