Stablecoin issuer Circle ended 2022 with approximately 900 employees and has announced plans to add 135 to 225 new personnel this year. The company remains focused on increasing its workforce in order to support its continued growth in the fast-paced digital asset industry.
The hiring drive by the Boston-based company, which operates the USD Coin stablecoin or USDC, comes at a time when many other companies in the industry are implementing significant staff reductions. Circle says the company expects to onboard an additional 25% manpower.
On Hirings & Layoffs
These layoffs have been attributed, in part, to the extended period of reduced cryptocurrency prices known as crypto winter, as well as several high profile crypto failures that resulted in significant losses for many companies.
However, the crypto industry layoffs have not been unique in their scope or scale. In fact, in January of this year, just four companies – Google, Amazon, Microsoft, and Salesforce – laid off a combined total of 48,000 employees.
This trend reflects a broader economic reality in which many companies, regardless of industry, have been forced to reduce their staff in response to various economic pressures.
For this same reason, Circle previously announced that it has mutually agreed with Concord Acquisition to abandon plans to go public. However, according to Circle’s Chief Financial Officer, Jeremy Fox-Green, the company still intends to pursue a public listing, but is waiting for a more “favorable market condition.”
In 2022, Circle secured $400 million from a group that included asset managers Fidelity Investments and BlackRock Inc, bringing the company’s total capital to $1.1 billion.
Stablecoin Issuer Circle To Hire More Staff
It’s always refreshing to see a company take a different approach to managing their financial situation, especially during tough times. Circle’s decision to hire more people instead of terminating is part of the company’s steady composure of maintaining a business model in the “right way.”
“Maintaining our regulatory position of compliant posture, of good relations and most importantly just doing business the right way is critical to our future success,” Fox-Geen said.
USDC Stablecoin Volume Down
There has been an increase in the level of inspection that policymakers throw on crypto firms.
Circle reported in 2021 that Poloniex LLC, its defunct cryptocurrency exchange business, paid $10.4 million to settle a case filed by the US Securities and Exchange Commission.
Poloniex didn’t deny the SEC’s allegations that it didn’t register as a national securities exchange.
Meanwhile, according to usdc.cool, a stablecoin tracker created by Web3 development company M2 Labs, the volume of issued USDC stablecoins was $42.11 billion as of Feb. 21, 2023, a decline of nearly 20% from a year ago owing to investor withdrawals from the crypto market.
-Featured image from Coincu News