Stablecoin Issuer Circle Announces Layoff to Strengthen Balance Sheet
Summary: Circle, a stablecoin issuer, has reduced its personnel to maintain a strong balance sheet by redoubling its focus on core business activities and execution. The company has increased its efforts to expand across Asia, including Singapore's permission to operate as a Major Payment Institution (MPI) and considering launching a stablecoin in Japan.
Circle, a stablecoin issuer, said on Wednesday that it had reduced its personnel marginally in order to have a “strong balance sheet.”
A spokesperson for Circle stated:
“To maintain our strong balance sheet, Circle is redoubling its focus on core business activities and execution. 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.”
In January, Circle’s CFO Jeremy Fox-Geen told the WSJ that the company was expecting to increase its employees by as much as 25% in order to accommodate its rapid growth.
Protracted Crypto Winter
Due to the protracted crypto winter, which has seen values fall fast and led investors to stay away from the market, Circle has joined a long list of crypto firms that have been forced to reduce personnel.
Circle has lately increased its efforts to expand across Asia. Circle Singapore was granted permission in June to operate as a Major Payment Institution (MPI) in Singapore, allowing it to provide digital payment token services.
Circle’s CEO Jeremy Allaire recently said in an interview that the company is contemplating launching a stablecoin in Japan, which enacted the stablecoin law on June 1.
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