TechFlow news — Stablecoin issuer Circle has made a small number of layoffs to ensure the strength of its balance sheet, according to a company statement.
A Circle spokesperson said: "To maintain the strength of our balance sheet, Circle is doubling down on core business activities and execution. As a result, we have reduced or terminated investments in non-core initiatives and lowered operating expenses, including a limited number of workforce reductions. At the same time, we have identified new areas for investment and will continue hiring talent in key global focus areas."
Earlier, Circle CFO Jeremy Fox-Geen told The Wall Street Journal that the company planned to increase its workforce by 25% to scale operations. However, the company is now taking appropriate measures to optimize its operations.
