Circle Internet Financial, the issuer of the world's second-largest stablecoin USD Coin (USDC), has cut some jobs as part of a regular operational review, Bloomberg reported on Thursday.
According to the report, a Circle spokesperson said the layoffs amount to “less than 6% of the company's workforce.”
Circle, which filed for an initial public offering in the U.S. in January, had 882 employees as of June, so 6% equates to just over 50 employees.
“Circle regularly reviews our investments and expenses, including investments in our team and operational infrastructure where we need to grow, while spending in other areas of the business and some roles “There has been a slight reduction,” the spokesperson said.
With a market capitalization of $40.4 billion, USDC ranks second in the overall stablecoin market behind Tether's USDT, according to data from CoinDesk Indices. Stablecoins are cryptographic tokens that are pegged to the price of a fiat currency (usually the US dollar).
Circle did not immediately respond to CoinDesk's request for comment.
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