Circle, the issuer of the USDC stablecoin, revealed its plans to increase its employee count by 15% to 25%. The news comes amid layoffs in the cryptocurrency space, which accounts for 41% of all layoffs in 2023.
In December, Circle canceled its SPAC merger with Concord Acquisition, which originally had a preliminary valuation of $4.5B and was later estimated to have risen to $9B.
- The company had ~900 employees by the end of 2022, having doubled from the previous year.
- USDC has a ~$42B market capitalization, the second-largest stablecoin behind Tether with ~$70B.
