Circle has reduced its workforce by less than 6%, saying the layoffs are part of a routine review of investments and expenses as the company continues its global expansion.

Stablecoin issuer Circle has reduced its workforce by less than 6%, citing a strategic review of investments and expenses, Bloomberg has learned.

The layoffs are said to be part of “regular reviews,” a spokesperson for the company told Bloomberg, adding that the move is aimed at optimizing operations and reallocating resources toward growth initiatives. The exact number of employees affected by the layoffs remains unclear, but the company previously reported having 882 employees as of June 2023.

“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’s spokesperson

The latest move follows a broader trend of cost-cutting within the crypto industry. Earlier, other firms such as Crypto.com and Polygon Labs, also reduced headcounts.

Despite the layoffs, Circle remains committed to its geographical expansion and product development. The firm highlighted its interest in issuing stablecoins in new regions, including Japan, to double down on its presence in Asia. Earlier in 2023, it secured a Major Payment Institution license in Singapore, enabling services such as cross-border and domestic money transfers.

Circle’s (USDC), the second-largest stablecoin, currently has a circulating supply of $40.4 billion, behind Tether’s (USDT), which dominates the market with $135.7 billion in issued tokens. Stablecoins are widely used for trading and payments, with the market valued at about $203 billion.