Circle Internet Financial Limited, a stablecoin issuer located in Boston, said on Wednesday that it has decreased its employment and investment in non-core businesses in order to maintain a robust balance sheet and restore its business focus.
“At the same time, we have found new places to invest and are continuing to hire in key areas of focus around the world,” a Circle spokeswoman said in an email answer to questions.
The business that creates the USDC stablecoin has remained silent on the precise number of layoffs or the affected divisions.
Following a widespread trend, Circle has laid off employees due to the protracted “crypto winter” in the crypto market. The cryptocurrency industry has not been immune to layoffs, with Crypto.com, Bittrex, Polygon Labs, and Kraken all having done so in recent months.
A Major Payment Institution licence was recently issued by the Monetary Authority of Singapore to Circle’s Singapore subsidiary. The approval would enable the business to provide services in Singapore for receiving and sending digital payment tokens as well as local and international money transfers.
In a conversation with Coindesk a few weeks ago, Circle CEO Jeremy Allaire also said he was interested in releasing a stablecoin in Japan.
K33 Research, a crypto intelligence organisation, released a study on the global crypto business on July 5 estimating its worth at US$180 billion and its number of enterprises at more than 10,000.
The survey showed that of the 190,000 people worldwide that work in the cryptocurrency industry, 65,900 are based in Singapore and Hong Kong.
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