The job cuts amount to about 50 people, based on June employment numbers.

Updated Dec 5, 2024, 3:42 p.m. UTCPublished Dec 5, 2024, 11:14 a.m. UTC

Circle Internet Financial, issuer of the world's second-largest stablecoin, USD Coin (USDC), has made some layoffs as part of a regular review of its operations.

The job cuts amount to "less than 6% of Circle's workforce," according to Bloomberg, which reported the news earlier. Circle confirmed the figure in an email.

Circle, which filed for an initial public offering in the U.S. in January, said it had 882 employees in June, so 6% would equate to just over 50 people.

"Circle regularly reviews our investments and expenses [which] 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 said in the email.

With a market cap of $40.4 billion, according to CoinDesk Indices data, USDC is second only to Tether's USDT across the stablecoin market. Stablecoins are crypto tokens pegged to the price of fiat currencies, usually the U.S. dollar.

Read More: Foundry Lays Off 16% of U.S. Employees as It Focuses on Core Business

UPDATE (Dec. 5, 13:11 UTC): Updates to reflect that the story has been confirmed by Circle.

UPDATE (Dec. 5, 15:39 UTC): Adds percentage figure to headline.