Circle, the company behind the stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term USD Coin (USDC), has announced that it is reducing staff and cutting investments in non-core business activities. At the same time, the company is reportedly identifying new investment opportunities and hiring staff in its core businesses.

Circle Joins Crypto Firms in Cutting Staff

Circle joins a growing list of cryptocurrency firms that have recently reduced their staff to cut expenses and boost their balance sheets. Coinbase, Kraken, Gemini, and Bybit are some of the companies that have announced similar steps.

Jeremy Fox-Geen, Circle's Chief Finance Officer, told the Wall Street Journal early this year that the company plans to increase its workforce by as much as 25%. At the end of last year, Circle had approximately 900 employees, the media publication reported.

"We are growing and investing, and we are fortunate to be in a financial position to sustain our investments," Fox-Geen told the Wall Street Journal. "We have slowed down growth prudentially and are focused on what matters most."

Focusing on Global Expansion

Circle is focusing on expanding its presence globally, especially in Asia. The company announced in June that it had obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license was issued to the company's subsidiary based in Singapore, Circle Internet Singapore Pte. Ltd (Circle Singapore), Finance Magnates reported.

With the new license, Circle is permitted to offer digital payment services, cross-border payments, and domestic money transfers. Commenting about the approval, Jeremy Allaire, Circle's Co-Founder and CEO, said that Singapore was important to the company's global expansion.

Finance Magnates reported in June that the US affiliate of Binance, Binance.US, had laid off dozens of staff from its legal, compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term, and risk departments. On top of that, Binance, the global cryptocurrency exchange, reportedly laid off 20% of its 8,000 employees.

The trend of job cuts has been rising in the digital asset space, partly exacerbated by the regulatory challenges experienced by some of the major exchanges. For instance, Binance and Coinbase are facing charges brought against them by the Securities and Exchange Commission (SEC).