Despite the ongoing bull run occasioned by Bitcoin’s ascent above the historic $100k mark, a popular stablecoin issuer, Circle, is laying off a substantial percentage of its workforce. A Thursday report from Bloomberg confirmed the development, citing a statement from a Circle spokesperson. In the statement, Circle was said to have dismissed at least 6% of its employees with a focus on cutting operational costs.
According to the spokesperson, Circle usually reviews its investments and expenses from time to time, and job cuts are an integral part of the reviews. According to him, the layoffs are part of the firm’s mode of cutting expenses and investing more money in the stablecoin issuer’s geographical growth, efficiency, and productivity.
Similarly, the report also highlights some of Circle’s growth strategies. These include investing in teams and operational infrastructure that needs growth.
Earlier this year, the stablecoin issuer showed interest in an Initial Public Offering (IPO) in the United States. The stablecoin issuer also presented a draft copy of the IPO registration with the Securities and Exchange Commission (SEC). Similarly, the firm’s chief executive officer, Jeremy Allaire, revealed that the IPO plans are alive. He added that Circle is not interested in funds from private market.
In July 2023, Circle also had to reduce its employees. According to the CEO, the layoff was necessary to minimize the impact of the crypto downturn from early 2022 to 2023.
Stablecoin Issuer Circle partners with HKT
A week ago, the stablecoin issuer partnered with HKT, a renowned telecommunications and technology leader in Hong Kong. According to Circle, the partnership was to develop blockchain-powered customer loyalty solutions for merchants in Hong Kong.
In September, Circle also partnered with Grab to launch Web3 solutions, “Grab Web3 Wallet.” According to Grab, the partnership oversaw the integration of Circle’s Web3 services into the Grab app.
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