USDC Issuer Circle Cuts 'Less Than 6%' of Jobs Following Operations Review

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Circle Internet Financial, issuer of the world's second-largest stablecoin, USD Coin (USDC), 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," according to Bloomberg, which reported the news earlier. Circle confirmed the figure in an email.

Circle, which filed for an <a href="https://www.coindesk.com/business/2024/01/11/stablecoin-issuer-circle-internet-files-for-ipo" target="_blank">initial public offering in the U.S. in January</a>, said it had 882 employees in June, so 6% would equate to just over 50 people.

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

With a market cap of $40.4 billion, according to <a href="https://www.coindesk.com/price/usd-coin" target="_blank">CoinDesk Indices data</a>, USDC is second only to Tether's USDT across the stablecoin market. Stablecoins are crypto tokens pegged to the price of fiat currencies, usually the U.S. dollar.

Read More: <a href="https://www.coindesk.com/markets/2024/12/04/dcg-confirms-reports-foundry-layoffs-says-its-16-of-u-s-employees" target="_blank">Foundry Lays Off 16% of U.S. Employees as It Focuses on Core Business</a>

UPDATE (Dec. 5, 13:11 UTC): Updates to reflect that the story has been confirmed by Circle.

UPDATE (Dec. 5, 15:39 UTC): Adds percentage figure to headline.