Circle Internet Financial Ltd., the company behind the second-largest stablecoin in the cryptocurrency market USDC, announced layoffs following a routine operational assessment.

According to the Bloomberg report, the job cuts impact under 6% of the workforce. Despite these reductions, the firm said that it remains committed to expanding geographically and improving efficiency and productivity through artificial intelligence (AI). In June, Circle reported employing 882 individuals.

A spokesperson was quoted saying,

Circle regularly reviews our investments and expenses. This includes investing in teams and operational infrastructure that need to grow, while marginally reducing spend and some roles in other areas of the business.

Circle, however, has refrained from publicly confirming the development.

Earlier this year, the fintech firm submitted a draft registration for an initial public offering (IPO) to the US Securities and Exchange Commission, keeping the filing confidential after a failed SPAC deal in 2023. In October, CEO Jeremy Allaire confirmed that Circle remains committed to its public listing plans and has no need to raise additional funds through private markets

In a related development, Circle announced this week that USDC became the first stablecoin to meet the VRCA standards set by Canadas OSC and CSA. These new rules aim to advance investor protection and regulatory clarity in the countrys growing crypto sector.

Meanwhile, the stablecoin market has reached over $203 billion in value, according to CoinMarketCap data. This growth comes after Donald Trump won the 2024 presidential election as the Republican nominee triggering a market-wide rally.

Tethers USDT continues to dominate, holding a commanding share with $136 billion in circulation, reflecting its widespread use in trading and DeFi. Circles USDC follows with $41 billion, solidifying its position as a reliable alternative for institutional investors.