Circle Trimmed Staff to Reinforce Balance Sheet Amid Bear Market Decline

By Lola Coin Jul 13, 202350Views

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Circle Trims Staff and Focuses on Core Business Activities

Circle, the company behind the stablecoin USDC, has reportedly reduced its staff and halted investments in non-core activities to strengthen its balance sheet. This move aligns with other crypto-related firms that have also downsized during the bear market. Some notable examples include Coinbase, Huobi, Gemini, Bybit, and Crypto.com. Circle stated that it is intensifying its focus on core business activities and execution while continuing to hire in key areas. Despite the rumors, the price of USDC remains stable at $1, with a market capitalization of around $27 billion. In contrast, USDC experienced a temporary drop in value to $0.87 in mid-March due to exposure to the collapsed Silicon Valley Bank. However, Circle reassured investors by promising to cover any losses resulting from the banking crisis, helping USDC regain its correlation to the US dollar.

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