Circle Internet Financial, issuer of the world’s second largest stablecoin USD Coin (USDC), has made some layoffs as part of a regular review of its operations, Bloomberg reported on Thursday.
The job cuts amount to “less than 6% of Circle’s workforce,” according to the report, citing a company spokesperson.
Circle, which filed for an initial public offering in the U.S. in January, said it had 882 employees in June, so 6% would equate to just over 50 people.
“Circle regularly reviews our investments and expenses [which] includes investing in teams and operational infrastructure that need to grow, while marginally reducing spend and some roles in other areas of the business,” the spokesperson said.
With a market cap of $40.4 billion, according to CoinDesk Indices data, USDC is second only to Tether’s USDT across the stablecoin market. Stablecoins are crypto tokens pegged to the price of fiat currencies, usually the U.S. dollar.
Circle did not immediately respond to CoinDesk’s request for comment.
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