Circle Cuts Workforce, Ends Certain 'Non-Core' Activities; Will Continue Hiring Globally

While some departments were subject to layoffs, the stablecoin issuer will continue to hire in other areas.

AccessTimeIconJul 12, 2023 at 5:51 p.m. UTC
Updated Jul 13, 2023 at 6:56 p.m. UTC
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Stablecoin issuer Circle has cut its workforce slightly to maintain a “strong balance sheet,” the company said Wednesday.

"To maintain our strong balance sheet, Circle is redoubling its focus on core business activities and execution,” a spokesperson for Circle told CoinDesk in an email. “As a result, we have reduced or ended investments in non-core activities and reduced operational expenses which includes a marginal reduction in headcount. At the same time, we have identified new areas for investment and are continuing to hire in key areas of focus on a global basis."

The news comes after Circle’s finance chief Jeremy Fox-Geen told the Wall Street Journal earlier this year that the USD Coin issuer was planning on increasing its workforce by as much as 25% in an effort to expand.

Circle joins a long list of crypto companies, including Coinbase, Chainalysis and Gemini, that have been forced to cut workers due to the prolonged crypto winter that saw prices sink rapidly and caused investors to stay away from the industry.

Circle has also recently doubled down on its business in Asia. In June, Circle Singapore received its Major Payment Institution (MPI) license for digital payment token services, which allows it to offer certain financial services in the city-state.

In a recent interview with CoinDesk Japan, CEO Jeremy Allaire said that Circle is considering issuing a stablecoin in Japan, which passed legislation governing stablecoins on June 1.

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Helene Braun

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.


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