Circle Cuts Employees, Focuses On Global Expansion

USDC stablecoin. (Photo; Doc. NairaMetrics)

JAKARTA - USDC stablecoin publishing company Circle Internet Financial announced a 6% cut in employees. This announcement came after the company conducted a review of its operations.

Nonetheless, the US-based company remains committed to continuing to develop its business globally and increasing efficiency through the use of artificial intelligence (AI). With this move, Circle seeks to strengthen its position in the increasingly competitive crypto market.

In June 2024, Circle was recorded as having 882 employees, but the company decided to reduce its workforce as part of a strategy to streamline operations and increase productivity. A statement from the company states that they continue to evaluate investment and spending to support long-term growth.

In addition to reducing employees, Circle is also focused on preparing to take the floor on the stock exchange. After the failure of the acquisition agreement through the SPAC company in 2023, Circle again submitted registration for an initial public offering (IPO) to the US Securities and Exchange Commission (SEC). Circle CEO Jeremy Allaire confirmed that the company does not need additional funding from the private market to support the IPO plan.

On the other hand, Circle also continues to innovate in the stablecoin sector. USDC recently became the first stablecoin to meet VRCA standards set by Canadian regulators, OSC and CSA. The move demonstrates Circle's commitment to increasing investor protection and ensures compliance with strict regulations in the crypto sector.

To date, USDC is in second place with a market capitalization of more than US$41 billion (Rp656 trillion), after Tether (USDT) which dominates the market with a circulation of US$136 billion (Rp2,176 trillion).