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Circle Cuts Workforce, Ends Certain 'Non-Core' Activities; Will Continue Hiring Globally
While some departments were subject to layoffs, the stablecoin issuer will continue to hire in other areas.
By Helene Braun
Updated Jul 13, 2023, 6:56 p.m. Published Jul 12, 2023, 5:51 p.m.
Stablecoin issuer Circle has cut its workforce slightly to maintain a “strong balance sheet,” the company said Wednesday.
"To maintain our strong balance sheet, Circle is redoubling its focus on core business activities and execution,” a spokesperson for Circle told CoinDesk in an email. “As a result, we have reduced or ended investments in non-core activities and reduced operational expenses which includes a marginal reduction in headcount. At the same time, we have identified new areas for investment and are continuing to hire in key areas of focus on a global basis."
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The news comes after Circle’s finance chief Jeremy Fox-Geen told the Wall Street Journal earlier this year that the USD Coin issuer was planning on increasing its workforce by as much as 25% in an effort to expand.
Circle joins a long list of crypto companies, including Coinbase, Chainalysis and Gemini, that have been forced to cut workers due to the prolonged crypto winter that saw prices sink rapidly and caused investors to stay away from the industry.
Circle has also recently doubled down on its business in Asia. In June, Circle Singapore received its Major Payment Institution (MPI) license for digital payment token services, which allows it to offer certain financial services in the city-state.
In a recent interview with CoinDesk Japan, CEO Jeremy Allaire said that Circle is considering issuing a stablecoin in Japan, which passed legislation governing stablecoins on June 1.
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Bilinmesi gerekenler:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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- The endgame is a two-track system — stablecoins for open, two-party settlement; deposit tokens for bank ecosystems, until scale forces convergence and competition, Lau said.
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