Circle, the company behind the issuance of USD Coin (USD) is eager to bring in more workforce. The company has recently shared intentions of increasing its headcount as it has witnessed increased demand for its services.

Workforce to be increased Up to 25%

Circle has announced that they have plans of increasing their headcount and they want to do it in the year 2023. As communicated, they want to increase their workforce by as much as 25% in the year 2023.

The recent announcement by Circle is quite significant given the fact that most of the crypto firms are moving in the other direction.

Since the mid of 2022, cryptocurrency firms have gone on a layoff spree. They have been removing their employees from the rosters to cut costs and make it through the difficult times.

Even the major cryptocurrency exchanges such as Coinbase and Gemini have laid off several employees in late 2022 and early 2023.

Most of the cryptocurrency firms had to lay off many of their employees due to the macroeconomic conditions. According to most of the firms, they have no intentions of shutting down their operations entirely.

Although the crypto industry has started to recover, there is still time for crypto firms to make it fully out of the financial crunch.

This is why the firms have been cutting down on their operational headcounts just so they can make it through the difficult times.

Layoffs by Major Firms

Right from the start of 2023, major crypto firms have continued losing their employee figures. This is because they have continued laying off their employees as the year 2023 began.

Many cryptocurrency firms such as Wyre, Genesis, Huobi,, Chainalysis, Polygon, Coinbase, and Bittrex have cut down on their headcounts.

These firms alone, are responsible for laying off more than 41% of the total employees from the crypto industry in the year 2023.

Prolonged Crypto Winter

The crypto winter began at the conclusion of the year 2021. For the crypto industry, it was one of many winters that the cryptocurrency communities and firms had witnessed.

It was thought that the winter would stick around for some time and then it will be passed. Turns out, the crypto winter stayed around for a time much longer than anticipated by any firm in the crypto industry.

Almost the entire crypto industry faced a major setback as the prices of cryptocurrencies fell to very low levels. Even the investors who had held onto the crypto assets decided to leave the industry for good.

The investors were not sure whether the industry would make it back or not. This eventually left the cryptocurrency firms with almost nothing to make profits on or pass the difficult times.

With the crypto industry losing billions of dollars, the impact was soon to be felt across the major firms in the industry. This is when the major firms started to announce huge layoffs.

It wasn’t just the crypto industry that felt the impact due to the macroeconomic conditions the tech sector also faced the same fate.

Even the major companies such as Salesforce, Microsoft, Amazon, and Google, all announced layoffs in January 2023. The combined headcount elimination of these entities was more than 50,000.

Circle Delayed its Public Debut

It seems that Circle has made changes to its business model. This is because the company reverted to its decision of making a public debut.

The platform had previously announced that it was to make a public debut. However, the company did not go with the public debut and instead, have decided to increase its headcount.

It had formed a deal with Concord Acquisition, a SPAC that was going to let Circle go for the public debut.

Circle is responsible for the issuance and launch of USDC, the second-largest stablecoin in the crypto industry. The market capitalization of USDC is over $42 billion.

Still, USDC had to go through several hiccups and downfalls in the year 2022. Finally, the network has started to make a comeback, and hiring more employees is a very significant step taken by the company.