While cryptocurrency companies are cutting staff with might and main, the issuer of the popular USDC stablecoin – Circle – is going to expand. In 2023, the firm plans to increase the number of employees by 15-25%. This publication reported The Wall Street Journal.
41% of all layoffs in 2023 were in the cryptocurrency industry. Crypto industry giants such as Polygon, Chainalysis, Bittrex, Huobi, Crypto.com, Coinbase, Gemini, Genesis, and Wyre had to cut spending on a person. The reason for the massive layoffs was the crypto winter that broke out in 2022 and a series of major bankruptcies. However, layoffs have also affected the tech giants – in January, 48,000 people from four large companies – Google, Amazon, Microsoft and Salesforce – lost their jobs.
Circle CFO Jeremy Fox-Gene said the company remains committed to going public but is waiting for market conditions to improve. He added that the crypto industry needs to further distance itself from the collapse of the algorithmic stablecoin TerraUSD and the FTX crypto exchange so that investors can re-evaluate the benefits of digital assets.
By the end of 2022, the USDC issuer had about 900 employees, and it is planned to hire 135 to 225 more people in 2023. However, the company’s growth has slowed down – from 2021 to 2022, the number of employees has doubled.
Issued by Circle USDC is the second largest stablecoin after USDT from Tether. Its market capitalization is $42 billion.
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