By
Bhushan Akolkar
June 20th, 2024
Having around 882 employees, Circle has added 137 new members and now plans to hire over 140 more.
Circle, the issuer of USDC (USDC price data), has increased its workforce and plans to ramp up its hiring strategy. The event follows the plans of an initial public offering (IPO) disclosed by the firm not long ago. Bloomberg reports that the Boston-based organization has expanded its workforce by more than 15% this year.
It is important to note that Circle has added 137 new employees and now plans to hire over 140 more. Hirings will be open for critical departments including business development, engineering, and marketing.
Currently, the total workforce at Circle has around 882 individuals and an additional 24 people have already accepted job offers. The new hires include Chief Accounting Officer Tamara Schulz and Business Development Director for Exchanges Pierre Carras. Both of them joined the company in May.
Also, in April Sterling Barnett, who leads North American and European exchange partnerships, joined the company.
Circle’s IPO and Plans of Expansion
The stablecoin issuer has put its plans in motion of solidifying its leadership team as it prepares for its initial public offering (IPO). In January, the company announced the filing of a draft registration statement with the U.S. Securities and Exchange Commission (SEC) to go public.
Although the exact valuation of Circle is uncertain, the company was estimated to be worth $9 billion during its earlier attempt to go public through a planned merger with Concord Acquisition Corp., a special purpose acquisition company. However, the deal later went down the drain for unexplained reasons. Circle has also taken steps to shift its origins from Ireland to the United States with plans to operate within the United States regulatory policies.
Interestingly, Circle has faced numerous challenges in the recent period. The amount of USDC in circulation peaked in mid-2022 but saw a drop owing to the collapse of Silicon Valley Bank, where Circle had kept some of its reserves. The situation led to a drop in the market value of the second-largest stablecoin. However, the setback was not long-lasting as the firm made an unexpected comeback. The market value of USDC has increased by 36% to around $32.8 billion, CoinMarketCap data shows.
As reported earlier, the USDC stablecoin surpassed Tether’s USDT, the dominating stablecoin in the market, in terms of trading volume. Visa’s adjusted stablecoin metric confirmed the development, suggesting that USDC usage has skyrocketed since the beginning of the year.
Additionally, Circle also debuted the Circle Credits Program, aiming to support developers in the Web3 space. The initiative offers credits to cover expenses like Programmable Wallets fees, Smart Contract Platform API calls, and Gas Station network fees, allowing developers to concentrate on creating innovative on-chain applications by eliminating their cost concerns.