Circle, the issuer of stablecoin USDC, has cut its workforce by under 6% following a strategic assessment of its investments and expenditures, according to Bloomberg.
A spokesperson for Circle told Bloomberg that the layoffs are part of “regular reviews” and are intended to streamline operations and reallocate resources to focus on growth initiatives. The exact number of employees impacted by the layoffs is unclear, but Circle reported having 882 employees as of June 2023 per Bloomberg report.
“We regularly review our investments and expenses, focusing on expanding teams and operational infrastructure where needed while making slight reductions in spending and some roles in other parts of the business.”
the spokesperson stated.
Despite the layoffs, Circle is focused on expanding its geographical reach and advancing product development. The company emphasized its commitment to issuing stablecoins in new regions, particularly Japan, as it strengthens its Asian presence.
Circle’s recent layoffs are part of a broader cost-cutting trend in the crypto industry. Earlier this year, Polygon Labs CEO Marc Boiron announced that the company would lay off 19% of its staff. Boiron explained that the layoffs were a strategic decision, not a reflection of the company’s financial health, aiming to “right-size” the company after rapid growth during the last bull market led to a loss of focus and efficiency. The staff reduction was a tough decision to help the company refocus on its mission to build infrastructure for a more equitable internet.
Similarly, RDX Works laid off 15% of its workforce as part of a broader cost-cutting strategy. CEO Piers Ridyard announced the decision via Telegram, explaining that the layoffs are crucial to streamline operations and better position the company for evolving market conditions. While essential projects like Flash Liquidity, the Cassandra test network, and multifactor account control are expected to continue, Ridyard acknowledged potential short-term disruptions in communications with the company.
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