Boston-based stablecoin issuer Circle Internet Financial Limited has reduced its workforce and investment in non-core activities to maintain a strong balance sheet and reestablish its business focus, the company announced on Wednesday.

See related article: USDC stablecoin issuer Circle obtains Singapore license for digital payments, others

Fast facts

  • “At the same time, we have identified new areas of investment and are continuing to hire in key areas of focus on a global basis,” a Circle spokesperson said in an email response to questions. 
  • However, the company — which issues the USDC stablecoin — declined to comment on the exact number of layoffs or the departments that saw the reduction in headcount.
  • Circle’s layoffs follow a slew of companies in the global cryptocurrency industry that have reduced their headcount as a result of a prolonged period of so-called “crypto winter” — or a downturn in the market. Other crypto firms that have made layoffs in recent months include, Bittrex, Polygon Labs and Kraken.
  • Last month, Circle’s Singapore affiliate obtained a Major Payment Institution license from the Monetary Authority of Singapore. The license will allow the company to offer digital payment token services, cross-border money transfer services, and domestic money transfer services in the city-state.
  • Circle CEO Jeremy Allaire also expressed interest in issuing a stablecoin in Japan during an interview with Coindesk earlier this month.
  • The global crypto industry is valued at US$180 billion with over 10,000 companies worldwide, according to a July 5 report from crypto intelligence firm K33 Research. 
  • The report found that Singapore and Hong Kong are Asia’s top crypto hubs, accounting for 65,900 employees or roughly 35% of the 190,000 workers employed at crypto firms globally. 

See related article: How Japan is illuminating the path of blockchain’s future: Opinion