USDC stablecoin issuer cuts staff numbers

In order to maintain good financial health, Circle carried out redundancies and put an end to certain “non-core” activities.

Despite the rise in the Bitcoin price in 2023, crypto winter doesn’t seem to be over, as evidenced by the low trading volumes on the exchanges. In addition to the lack of investor interest, regulatory uncertainty is also weighing on companies in this nascent sector, particularly in the United States.

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The stablecoin issuer Circle announced on Wednesday redundancies in order to “maintain a strong balance sheet”, reported Coindesk.

We have reduced or terminated investments in non-core activities and reduced operating expenses including a marginal reduction in headcount,” said the Boston-based company.

Circle now wishes to concentrate on its “ core business activities “However, we continue to recruit in certain key areas.

Its dollar stablecoin, USDC, faltered earlier this year following the failures of several US banks. The token has since seen its market capitalization largely decline, notably to the benefit of rival dollar stablecoin USDT.

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Spring, Circle announced plans to expand its operations in Europe with the France in its sights. The fintech also offers EUROC, a stablecoin backed by the European currency. Recently, it unveiled a wallet-as-a-service solution.

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